Tax Strategies

Grant Thornton is offer some year-end tax planning tips for both individuals and businesses, and their accountants, facing the expiration of the Bush tax cuts.

The Internal Revenue Service has raised the standard mileage rates by 1 cent per mile for next year when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of Congress’s two tax-writing committees urging them to act swiftly to patch the Alternative Minimum Tax to keep it from spreading to millions more taxpayers.

Nearly 80 percent of business executives said they would be willing to accept the repeal of certain tax incentives in exchange for a lower overall corporate tax rate, according to a new report by KPMG.

President Obama met with congressional leaders at the White House on Friday to negotiate over the expiration of the Bush tax cuts and the looming problem of the so-called “fiscal cliff,” with the leaders agreeing that the meeting had been constructive.

While tax experts are divided on the immediate future of tax rates as we approach the fiscal cliff (the combination of scheduled tax rate increases and spending cuts by the government), the consensus is that rates will indeed rise precipitously.

Hurricane Sandy has proven to be one of the most costly storms in U.S. history. Now being dubbed Superstorm Sandy, the aftermath has many of us questioning our own disaster preparedness.

President Obama urged Congress to agree to a deal to extend the Bush-era tax rates for the middle class on Wednesday, while agreeing to consider other tax reform measures for wealthier Americans.

Nearly eight in 10 small business owners are aware of the so-called “fiscal cliff,” according to a new poll that also found they are concerned about the impact of the combination of tax increases and automatic spending cuts that are set to take effect on Jan. 1 if Congress and the President can’t agree on a plan to reduce the deficit by year’s end.

Lowering the corporate tax rate on retailers could create more than 327,000 jobs in the first year, save consumers $10.2 billion, and increase salaries and wages by more than $10 billion, according to a new study by PricewaterhouseCoopers, commissioned by a retail trade group.