Some tax deductions and tax credits for businesses and individuals are unique to the United States tax code. The Foreign Earned Income Exclusion, for example, allows expats to avoid paying US taxes on income earned in the country where they live and work. New under the Tax Cuts and Jobs […]
Tax experts at Etax.com.au have found that surgeons claim by far the most tax deductions in Australia, followed by real estate agents, and lawyers. The company analysed the latest Australian tax return data from the ATO, and found that surgeons, on average, claim more than double the next occupation on […]
The Australian Taxation Office (ATO) is cracking down on rising tax deduction claims for work-related clothing and laundry expenses. The ATO believes a lot of taxpayers are either making mistakes or deliberately over-claiming. “Some people think they can claim normal clothes because their boss told them to wear a certain […]
The Australian Tax Office has warned it will focus on the record $7.9 billion claimed by 6.7 million taxpayers last year – nearly $1,179 each – as deductions for “other work-related expenses”. “Other work-related expenses” can include deductions such as a home office, union fees, mobile phone and internet, overtime […]
The IRS clarified on Wednesday who is allowed to prepay their property taxes this year before the new GOP tax law takes effect Monday. Only homeowners with property taxes that have already been assessed can take advantage of the unlimited state and local tax deduction. The new law caps that […]
Republicans’ tax overhaul, which President Donald Trump signed into law last week, caps state and local tax deductions at $US10,000. Ahead of the change, which takes effect Monday, taxpayers can prepay their property taxes for next year to save money. Homeowners across the US are rushing to do just that. […]
The 10 jobs that claim the biggest tax deductions in Australia have been revealed by online service provider etax.com.au. The figures, which represent overall data from the Australian Taxation Office and not just those from etax.com.au customers, show that the average Australian claims $3,041 of deductions on their tax return. […]
As tax season approaches, the Australian Taxation Office has sent out a warning to taxpayers to not claim deductions for expenses that are commonly misconstrued as work-related. “Many taxpayers don’t have a good understanding of what deductions they can claim, and believe they can claim for items which they in […]
The Labor Party will limit the amount an individual can claim as a tax deduction for accountancy to $3000 when in government. In his budget reply speech last night, Opposition leader Bill Shorten took aim at 48 Australians who earned more than $1 million in 2014-15, but paid no tax. […]
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