America’s high inflation rate will produce a 7% increase in the size of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Inter...
Tag: Tax
LUNC On-Chain Trnx Vol Doubles After Burn Tax Approval
The Terra LUNA classic (LUNC) community agreed over the 5234 proposals to reduce the tax burn for on-chain transactions for the LUNC and USTC. The tax is now decreased from 1.2% to 0.2%. Many major cr...
The $40,000 electric vehicle business tax credit may be easy to get
Electric buses at a charging station. Koiguo | Moment | Getty Images Plus, the tax credit for bigger trucks is worth more money — up to $40,000 in contrast to the $7,500 maximum for passenger cars and...
What Is Tax Lien Investing?
| Getty Images Key Takeaways Tax lien investing allows you to purchase a tax lien certificate issued by the local government when a property owner has unpaid property taxes. A tax lien certificate inc...
Top Exchanges Accepts To Reduce Terra Classic (LUNC) Tax Burn
The Terra LUNA classic (LUNC) community recently passed proposal 5234 which aims to reduce the tax burn for on-chain transactions for the LUNC token and is meant to be stablecoin USTC on Terra classic...
IRS 2022 Tax Guidelines to Treat NFTs as Stablecoins, Cryptocurrencies
The U.S. Internal Revenue Service (IRS) has given NFT investors new clarity about how the assets are set to be taxed. As per the IRS’ 2022 tax year guide, all “digital assets,” including stablecoins,...
New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad news.
In a time of rising costs, the Internal Revenue Service just raised income-tax brackets through new inflation adjustments for next year. It might feel tough sometimes to link the IRS with the concept ...
Exchanges Reduce Terra Classic (LUNC) Burn Tax Rate
Exchanges Reduce Terra Classic (LUNC) Burn Tax RateTop Cryptocurrency Exchanges Support LUNC BurnOctober 20, 2022Three cryptocurrency exchanges have announced to implementation of Terra Classic’...
Terra Classic developers lower ‘burn tax’ rate in bid to revive on-chain activity
The Terra Classic blockchain contributors have reduced the so-called burn tax levied on all Terra Classic token (LUNC) transactions. \n The contributors adjusted the tax rate from 1.2% down to 0.2%, d...
How to Legally Avoid The Gift Tax on Money
Wad of cash as a gift The gift tax is a tax levied on any unilateral transfer (a gift) from one person to another. The federal tax is aimed partially at making sure wealthy families don’t use gifts to...
Terra Classic UST Spike 12% As 0.2% Tax Burn Goes Live
The Terra community has been striving hard to regain the trust of the trading and investing market participants ever since the asset crashed in May earlier this year. Now, Terra’s new chain Terra Cla...
America’s richest want to pay more taxes–but we won’t let them. We need a tax bracket and rate overhaul
Three years ago, Emmanuel Saez and Gabriel Zucman published The Triumph of Injustice, which outlined, in stark terms, how the progressivity of America’s tax system has completely collapsed. Their anal...
All About The IRS Tax Inflation Adjustments For The 2023 Tax Year
Getty Images Key takeaways This week, the IRS tax inflation adjustments for the 2023 tax year were released The announcement includes changes in 2023 standard deductions and 2023 IRS tax brackets The ...
Tax to Be Decreased Six Times to Fund Development, Here’s What Happened
Gamza Khanzadaev LUNC initiates big changes in burn process and infrastructure development The Terra community voted in favor of a proposal to reduce the LUNC burning tax to 0.2%. In addition, the com...
Crypto.Com, OKX And Kucoin Follow Binance To Reduce Terra Classic (LUNC) Tax Burn
– Advertisement – Three Top Exchanges Follow Binance to Reduce Terra Classic (LUNC) Tax Burn From 1.2% to 0.2%. More exchanges declare support for Terra Classic tax burn reduction. Three c...
IRS Includes Digital Assets Category in IRS Tax Form Draft
Meanwhile, the IRS has found a way to clarify the status of NFTs for crypto investors. A new draft by the Internal Revenue Service (IRS) includes a Digital Assets section that details if and how US ta...
Should you buy LUNC after developers lower the burn tax rate?
The Terra Classic contributors within the blockchain have reduced the burn tax, which was applied to all Terra Classic (LUNC) transactions. Terra Classic is essentially the original Terra (LUNA/USD) c...
Terra Classic Developers Lower Burn Tax Rate To Revive Ecosystem
The Terra Classic community has passed a vote to reduce the “burn tax” as they look to revive the protocol’s on-chain activity. With the vote passed, each transaction will see a tax rate of 0.2%, adj...
Binance Lowers Terra Classic (LUNC) Burn Tax to 0.2%
11 hours ago | 2 mins read Altcoin News Consolidation charge for on-chain transactions like withdrawals and deposits: 0.2%. The exchange will also cut burn tax from 1.2% to 0.2%. Binance cryptocurrenc...
German Officials Raided Deutsche Bank Over Tax Invasion Case
9 hours ago | 2 mins read Bitcoin News The raid happened in Frankfurt and comprised over 100 investigators. As of today’s inquiry, Deutsche is suspected of dividend stripping. On Tuesday, Deutsche Ban...
IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue S...
IRS announces key changes for NFTs in latest tax guidelines
The United States Internal Revenue Service (IRS) has released an updated draft of the 2022 tax form which has provided clarity regarding the guidelines for taxes pertaining to the crypto industry, mor...
US IRS Introduces Broad Category for Digital Assets Ahead of Tax Season
The United States Internal Revenue Service (IRS) is preparing for the forthcoming tax season, especially as it concerns digital assets. According to a draft bill published by the tax regulator, invest...
Binance Signals Support for New 0.2% LUNC Tax Burn
Binance announced updates to the deposit and withdrawal fees for LUNC and USTC on the Terra Classic network. This comes after the community passed proposal 5234, first presented by Akujiro, to lower t...
IRS releases new tax guidelines for NFTs and stablecoins
The United States IRS has announced a new taxation system covering NFTs under its latest 2022 guidelines. Traders and investors in the crypto space dealing in NFTs can heave a sigh of relief as to how...
IRS Drafts New Crypto Reporting Rules for Tax Year 2022
Key Takeaways The IRS has released a draft version of Form 1040, which includes new reporting guidelines for digital assets. This year, the tax agency has explicitly instructed taxpayers to report NFT...
Biden’s EV tax credit rules deal ‘astronomical’ blow to business
DETROIT – The Biden administration’s elimination of tax credits for imported electric vehicles deals a massive blow to Hyundai Motor’s business, an executive for the automaker said Wednesd...
SPAC liquidations top $12 billion this year as sponsors grapple with tough market, new buyback tax
Chamath Palihapitiya, Social Capital Founder and CEO CNBC A new buyback tax has motivated more and more SPAC sponsors to close up shop before the year-end, adding another headwind to the blank-check s...
US tax watchdog classifies NFT as digital assets for tax purposes
The U.S. Internal Revenue Service (IRS) could begin to tax non-fungible tokens (NFTs) as it has classified them as digital assets alongside virtual currencies in its updated draft instructions for the...
How to save a bundle on your tax return
This is Part Two of our list of suggested year-end strategies. Part 1 discusses gaming the federal standard deduction, and managing capital gains and losses. The tax environment is getting friendlier ...