Why are property taxes continuing to increase? Forty years ago, Californians passed Proposition 13 to keep property taxes predicable and affordable. Yet even though limits exist on increases in assessed values, there was nothing to protect against voter-approved debt or special taxes.
The tax reform of 2017 ushered in a new rule that for the first time in the history of our federal tax system completely capped the deduction for state and local taxes (these are sales taxes, state income tax and property tax). The maximum deduction allowed in 2019 will be $5,000 (or $10,000 for a married filing jointly couple).
As a self-employed person, you’re used to taking on the necessary challenges of maintaining your business. There are few roadmaps for business success, but you have resources at your disposal for keeping on track with your tax obligations.
If you have tax debt of $51,000 or more and you need to apply for or renew your passport, you may receive a denial. And the IRS estimates that more than 362,000 Americans have this amount of outstanding tax debt.
While it will still not fit on a postcard as promised, the new IRS Form 1040 is smaller. Instead of 79 lines, it has been paired back to 23.