How did the TCJA change the standard deduction and itemized deductions? Q.How did the TCJA change the standard deduction and itemized deductions? A.The Tax Cuts and Jobs Act nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized deductions for those years. Read more about How did the TCJA change the standard deduction and itemized deductions?
How is cryptocurrency taxed? Q.How is cryptocurrency taxed? A.Cryptocurrencies, or “crypto,” allow individuals to exchange money or trade assets through decentralized networks, as opposed to traditional payments systems and trading platforms managed by the finance industry. Read more about How is cryptocurrency taxed?
What is a broad-based income tax? Q.What is a broad-based income tax? A.One that minimizes tax preferences with the goal of increasing revenue at a given rate of taxation. Read more about What is a broad-based income tax?