March 19, 2002 |
President Bush on Monday proposed a greater tax deduction for small businesses as a fresh incentive for them to buy new equipment, a move that he said would lead to more jobs. "In my judgment, we're not out of the woods yet," Bush said, referring to the economic recovery that many economists believe is underway.
December 25, 1993 |
Searching for year-end tax deductions? Look in your attic, basement or garage. Old clothes, books and household goods can be worth hundreds of dollars on your next federal income tax return if they are donated to qualified charities by Dec. 31 and adequate records are maintained. "If you haven't worn . . . or used it . . . in a year, then go ahead and donate it," said William R. Lewis, a Lincoln, Neb.
March 18, 1992 |
Less than two years after ending her marathon financial battle with Irvine Co. owner Donald Bren, heiress Joan Irvine Smith is involved in a new high-stakes dispute with another formidable foe: the Internal Revenue Service. In a petition filed in U.S. Tax Court earlier this year, Smith is challenging an IRS ruling that she is not entitled to about $7.5 million in business deductions she claimed on returns for the years 1980 through 1987.
February 13, 2009 |
A proposed tax break for new-car buyers has been downsized by Congress. The compromise version of the ginormous economic stimulus bill includes a Senate-approved provision that would allow consumers to claim a federal income tax deduction for sales taxes and excise taxes paid on new vehicles. But the compromise worked out between House and Senate negotiators deletes another provision that senators had approved, which would have made interest on new-vehicle loans deductible as well.
March 1, 1994 |
The Internal Revenue Service has vastly expanded its computer matching program, which may cause thousands of additional taxpayers to trigger so-called "computer audits" on their 1993 returns. The nation's tax police have also boosted scrutiny of those who claim certain types of income and deductions. These so-called "audit triggers" boil down to a handful of expenses, deductions and credits that the IRS believes are frequently exaggerated or fabricated.
February 6, 2013 |
Would you support a tax reform measure that could help reduce the federal deficit, remove a needless distortion in the economy and make the system fairer? Me too, which is why I'm taking aim at a sacred cow: the home mortgage interest deduction. That's right, the mortgage interest deduction that every homeowner, including me, loves. If you listen to home builders and real estate agents, they'll tell you that the mortgage interest deduction is what makes homeownership possible for millions of Americans.
September 28, 1991 |
The state Supreme Court refused to let state tax officials see membership records of an exclusive private club in San Francisco. The Franchise Tax Board had sought the membership list of the Pacific-Union Club to allow tax audits that would determine whether members were illegally claiming expenses at the club as tax deductions. State law forbids business tax deductions for payments to clubs that discriminate on various grounds, including age and sex.
CALIFORNIA | LOCAL
August 4, 2006 |
Federal prosecutors are suing two accountants for allegedly running a fraudulent scheme that has enabled nearly three dozen Chumash Indians in Santa Barbara County to claim bogus tax deductions on millions of dollars in casino gambling profits. The accountants -- Kenneth Sorenson of Buellton and Stephen Drake of Arizona -- received more than $2 million in fees from members of the Santa Ynez Band of Chumash Indians who participated in the alleged scam, according to a lawsuit filed Wednesday in U.