In a rapidly changing financial landscape, Americans are flocking to fixed-income investments, attracted by the promise of higher returns. However, the excitement of increased earnings is often overshadowed by unexpected tax bills. Investors have poured a large chunk of their savings into ...
income
Reforms to the tax treatment of carried (profits) interest has been a topic for many years. The Administration aims to ensure equal treatment of labor and capital income since the character of the income for carried (profits) interests has been under scrutiny.
Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state’s pass-through entity tax (PTET). Beginning in 2024, the PTET will be optional rather than mandatory. Eligible entities that wish to elect to pay the tax must provide the Connecticut ...
The line between having a hobby and running a business can often be confusing, but knowing the difference is critical because hobbies and businesses are treated differently when it’s time to file your taxes. The biggest difference between the two is that hobbies are for pleasure or recreation while ...