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Tax Planning

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  • WASHINGTON, April 14- The White House on Tuesday said Democratic President Barack Obama's advisers would recommend that he veto a pending Republican-authored bill to repeal the estate tax. The White House said in a statement that the bill to repeal the tax is a "fiscally irresponsible" measure that would "endorse the principle that the wealthiest Americans...

  • WASHINGTON, April 14- The White House on Tuesday said President Barack Obama's advisers would recommend he veto a bill in the U.S. House of Representatives that would repeal the estate tax. Conservative opponents of the estate tax say it is a "death" tax and that it burdens people who are grieving. The White House said repealing it would only benefit the wealthiest...

  • CHICAGO, April 9- Illinois is the national poster child for state budget messes. Illinois exempts all retirement income from state taxes- Social Security, private and public pensions, and annuities. And we're hardly alone: 36 states that have an income tax allow some exemption for private or public pension benefits, and 32 exempt all Social Security benefits from...

  • Your 'To Do' list after getting your taxes back Saturday, 4 Apr 2015 | 11:03 AM ET
    Employee Linda Tarkenton holds a blank U.S. Treasury check before it's run through a printer at the U.S. Treasury printing facility in Philadelphia.

    Use the money you received from a tax refund to pay off debt, to boost your savings and to invest.

  • Guess which state residents pay the most in taxes? Thursday, 2 Apr 2015 | 11:53 AM ET
    taxes IRS tax money dollars

    The Tax Foundation estimates Americans will pay $4.8 trillion in taxes in 2015, but some states will contribute more than others.

  • SHANGHAI/ BEIJING, March 30- Chinese regulators eased lending and tax policies on real estate on Monday, as Beijing seeks to stop a slide in property prices that has put economic recovery at risk. The People's Bank of China, in a statement on its website, urged financial institutions to support home purchases using a combination of commercial lending and a housing...

  • RIYADH/ DUBAI, March 24- Saudi Arabian real estate shares tumbled on Tuesday after the cabinet approved a proposal to tax undeveloped land in urban areas- a policy that could shake up investment incentives in the kingdom and help to resolve a housing shortage. Some analysts have estimated 40 or even 50 percent of space inside big cities such as Riyadh, Jeddah and...

  • MGM Resorts' shareholder pushes for REIT conversion Tuesday, 17 Mar 2015 | 11:31 AM ET

    Shares of MGM, which operates destination resorts like the Bellagio, MGM Grand and the Mirage, rose as much as 9.9 percent in morning trading. MGM would join a pool of companies looking to spin off their real estate assets into REITs to save taxes. Land and Buildings, which declined to disclose its stake in MGM, said it intends to nominate four candidates to the...

  • Are you paying too much in taxes?   Friday, 13 Mar 2015 | 9:00 AM ET
    Are you paying too much in taxes?

    CNBC consumer reporter Kelli Grant gives viewers tips on how to avoid paying too much in taxes.

  • LONDON, March 7- Britain's finance minister, George Osborne, is planning to introduce a new "diverted profits tax" targeting multinational companies judged to have shifted profits overseas to avoid tax, the Sunday Times newspaper reported, citing government sources. Google Inc, Amazon.com Inc and Facebook Inc are among companies that have been widely...

  • Senator Marco Rubio, a likely Republican presidential candidate in 2016, on Wednesday unveiled a plan to reduce taxes for multinational corporations and parents, but it would widen federal budget deficits without cuts to popular health and retirement programs. The Florida senator's tax plan, introduced with Utah Republican Senator Mike Lee, would close...

  • The 7 taxes we hate the most Tuesday, 3 Mar 2015 | 11:19 AM ET
    Taxes 1040 financial advisor

    While Gallup has found half of us feel we paid too much in taxes in 2014, some taxes are more hated than others, the Fiscal Times reports.

  • COLUMN-Prepare to wait for U.S. tax help Monday, 2 Mar 2015 | 8:00 AM ET

    The problems start with the fact that the IRS has cut nearly 12,000 positions as its budget has fallen by an inflation-adjusted 17 percent since 2010.. In addition, the IRS changed the rules on how repairs to tangible property are treated, requiring accounting changes for businesses, including landlords, that own real estate and equipment.

  • It's depressing, "said fraud expert Avivah Litan, vice president and analyst for Gartner Research. The Federal Bureau of Investigation is investigating how fraudulent returns were filed in 19 states through TurboTax software, the Wall Street Journal reported on Wednesday. Social Security numbers, answers to security challenge questions and other private...

  • That is good news for patching up household balance sheets damaged by years of lost employment and savings, and also for boosting future Social Security benefits. Social Security is a benefit you earn through work and payroll tax contributions. Your Social Security benefit is calculated using a little-understood formula called the Primary Insurance...

  • COLUMN-Why identity thieves are targeting your tax return Wednesday, 11 Feb 2015 | 4:49 PM ET

    It's depressing, "said fraud expert Avivah Litan, vice president and analyst for Gartner Research. The Federal Bureau of Investigation is investigating how fraudulent returns were filed in 19 states through TurboTax software, the Wall Street Journal reported on Wednesday. Social Security numbers, answers to security challenge questions and other private...

  • NEW YORK, Feb 10- Canadians who normally head south of their border for warmer weather are keeping closer track of their time in the United States because if they stay too long, they could lose their Canadian health benefits and might owe U.S. income tax. Just last year, the two countries implemented an agreement to scan passports and share the information, meaning...

  • Detroit property tax bills set to dip Wednesday, 28 Jan 2015 | 5:58 PM ET

    Jan 28- Detroit homeowners will see a slight dip in their property taxes due by Aug. 31, the mayor's office said on Wednesday, noting the city's plan to recover from bankruptcy already accounts for a drop in the tax collections this year. Detroit, which emerged from bankruptcy late last year, is reassessing the values of real estate that are used in determining tax...

  • *He is Hong Kong's top tax payer for 5 years- report. HONG KONG, Jan 22- In late summer 2014, as mass protests rocked central Hong Kong, Canning Fok sat in his office quietly planning a business overhaul that would make his boss Li Ka- shing, Asia's richest man, richer still. After Li revealed the fruits of Fok's labour on Jan. 9, describing it as a "watershed" moment in the...

  • Breaking down President Obama's tax plan   Tuesday, 20 Jan 2015 | 8:03 AM ET
    President Barack Obama speaking

    Jason Furman, Council of Economic Advisers, provides a preview of President Obama's State of the Union address on Tuesday night where he is expected to talk about tax reform.