Taxes

There are some potential advantages for wealthy retirees, but they don’t come without potential trade-offs.

The appraisal rules don’t apply to donations of publicly traded securities. Use the quoted market price to determine the FMV of the securities. This takes a lot of the guesswork out of the deduction.

The adoption credit is indexed annually by the IRS. Due to the rising inflation of late, the figures have jumped dramatically.

65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.

Republicans will face pressure to retaliate by publishing the tax records of Democrats and their allies, the aide said.

The Trumps paid $750 or less in federal income tax in 2016 and 2017, and zero in 2020, according to the returns released by the House Ways and Means Committee...

It goes against the wishes of Sen. Joe Manchin, who asked Treasury not to allow leased vehicles to qualify.

The IRS is treating calendar-year 2022 as a transition year for the reduced reporting threshold of more than $600.