Individual Tax Expenditures, Credits, and Deductions

 

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Gig economy work, gig economy workers, gig economy tax, taxes for gig economy workers, gig economy tax issues, calculating ridesharing expenses, calculating tax owed for an independent contractor and employee, standard business deduction, calculate taxes owed ridesharing expenses, calculate taxes owed independent contractor, standard business deduction
Research

Improving the Federal Tax System for Gig Economy Participants

Advances in technology have enabled workers to connect with customers via online platform applications for work ranging from ridesharing to home repair services. The rise of gig economy work has reduced barriers to self-employment, bringing tax challenges like tax complexity and taxpayer noncompliance.

32 min read
return-free filing, return-free tax filing 2018 tax data, effects of the Tax Cuts and Jobs Act, 2018 tax return data, federal tax reform impact
Data

A Preliminary Look at 2018 Tax Data

Initial 2018 IRS tax return data shows that the TCJA expanded the use of several credits and deductions, made the standard deduction more favorable than itemizing, reduced tax refunds, and lowered taxes for most Americans.

4 min read
Augusta Exemption: Rental Income & The Masters Tax Exemption Masters golf tournament, Masters tax exemption Augusta National Golf, A tradition unlike any other
Blog

A Tradition Unlike Any Other: The Masters Tax Exemption

Augusta National Golf Club is famous for more than green jackets and pimento cheese sandwiches—legend has it that it’s the impetus for one of the tax code’s many exemptions.

3 min read
Wyden 199a pass-through deduction proposal Democrats proposed to expand child tax credit as part of covid relief package. Analysis of the “SALT Act” state and local tax deduction cap, Restoring Tax Fairness to States and Localities Act, SALT cap repeal, eliminate SALT cap
Blog

Analysis of the “SALT Act”

Lawmakers recently introduced a bill to repeal the $10,000 cap on the state and local deduction (SALT) and raise the top tax rate on ordinary income from 37 percent to 39.6 percent.

4 min read