Special Report on
Extraordinary-tax-deductions - Trends
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The federal, state, and local tax systems in the United States have been marked by significant changes over the years in response to changing circumstances and changes in the role of government. The types of taxes collected, their relative proportions, and the magnitudes of the revenues collected are all far different than they were 50 or 100 years ago. Some of these changes are traceable to specific historical events, such as a war or the passage of the 16th Amendment to the Constitution that granted the Congress the power to levy a tax on personal income. Other changes were more gradual, responding to changes in ...
Okay, admit it: As you’ve struggled with your tax return, trying to come up with some extra deductions to pump up your refund or reduce what you owe Uncle Sam, you’ve taken a few flights of fancy. “Can I claim a deduction for all those blood donations at the Red Cross?” Nope. “How about a charitable contribution for all the time I donate to the church?” No, again. “Can I count the wedding gift for my boss’s daughter as an employee business expense?” Come on! On the other hand, over the years your fellow taxpayers have successfully ... Read More
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