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Huge swaths of Americans should expect bigger tax refunds this year, and you can use H&R Bock’s free calculator to estimate yours

“If you have your W-2 handy, it’ll take less than five minutes to estimate your tax refund using H&R Block’s free online tax calculator” writes Tanza Loudenback for businessinsider.com. The traditional paper-and-pencil option will get the job done, but if you e-file you’ll get your tax refund within three weeks, rather than the standard six weeks.Popular online tax services like TurboTax and H&R Block are easy to use, even for tax novices.Once you’re ready to actually file your taxes, the IRS recommends e-filing and requesting direct deposit for your refund. Source:…

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The 10 tax law changes that will most affect your 2018 personal return

“You can still choose to deduct state and local general sales taxes instead of state and local income taxes, subject to the overall $10,000/$5,000 limitation” writes Bill Bischoff for marketwatch.com. You could also choose to forego any deduction for state and local income taxes and instead deduct state and local general sales taxes.Under prior law, you could claim an itemized deduction for an unlimited amount of personal state and local income and property taxes.Almost all of the Tax Cuts and Jobs Act (TCJA) changes that will affect individual taxpayers kick…

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Cristiano Ronaldo will likely avoid jail in guilty plea for tax evasion

“Soccer star Cristiano Ronaldo is expected to plead guilty to four counts of tax evasion on Tuesday in Madrid but likely will avoid jail” reports nypost.com. Ronaldo subsequently paid what he owed in unpaid taxes along with a six-figure sum to cover the interest.His trial is set to start on charges he avoided $6.5 million in personal income taxes between 2011 to 2014 by using an off-shore account to hide earnings from the use of his image. Source: nypost.com

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Forget taxing the wealthiest Americans 70% of their income. It’s time to tax their net worth.

“But there is a solution for this that has been adopted in Europe and some other countries already called a net worth tax. 2% net worth taxes, as Spain has for example, are dumb and drive business away” writes Martin Varsavsky for businessinsider.com. Net worth taxes, like all taxes, have to be at a rate such that collection does not affect economic behavior.This tax would not be paid by those whose ordinary income tax or capital gains tax exceeds this tax so it would tackle the precise challenge of the…

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FedEx starts offering buyouts, says costs between $450 million to $575 million

“FDX, +2.10% began offering buyouts to U.S. employees on Friday, saying in a filing it expects the program to cost between $450 million and $575 million before taxes” writes Claudia Assis for marketwatch.com. Actual costs will depend on acceptance, and most expenses are expected to incur in the fourth quarter of fiscal 2019, the company said.Shares of FedEx rose 0.6% in the extended session Friday after ending the regular trading day up 2.1%. Source: marketwatch.com

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Majority Americans believe school curriculum is useless

“How to file taxes, managing your money, and even managing your mental well-being number among the top things Americans wish they had learned in school growing up, according to new research” writes Tyler Schmall for nypost.com. Over half of Americans (55 percent) say they currently file their taxes by themselves, but the vast majority of them fear they aren’t doing them as efficiently as they could be. Source: nypost.com

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USDA recalls workers to help with farm loans, taxes; data uncertain

“WASHINGTON (Reuters) – The U.S. Department of Agriculture will reopen about 980 Farm Service Agency (FSA) offices for three days starting on Thursday to help process farm loans and tax documents during the partial federal government shutdown” writes Midwest Communications Inc for 95kqds.com. “We are bringing back part of our FSA team to help producers with existing farm loans.”.  Source: 95kqds.com

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Blue Apron shares soar after it says it expects to be profitable on adjusted EBITDA basis

“The company said it defines adjusted EBITDA as net earnings (loss) before interest income (expense), net, other operating expense, other income (expense), net, benefit (provision) for income taxes and depreciation and amortization, adjusted to eliminate share-based compensation expense” writes Ciara Linnane for marketwatch.com. EBITDA — or earnings before interest, taxes, depreciation and amortization–is often used as a measure of cash flow.It made the comment ahead of a presentation on its fourth quarter and fiscal 2018 earnings. Source: marketwatch.com

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Tax pros offer advice on coping with SALT tax deduction caps

“Generally, property taxes and either sales taxes or state and local income taxes are deductible on federal returns” writes Tina Orem for marketwatch.com. It’s often referred to as “the SALT cap.” “A lot of our clients are paying more than $10,000 a year just alone in state income tax,” he says.Newton estimated that as many as 75% of his firm’s individual clients will hit this new cap on state and local taxes.But before you worry too much, here are a few suggestions from tax pros on how to cope with…

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Fiat Chrysler reviews Italy plan after new taxes on polluting cars

“FCA’s Manley and Elkann speaks at the North American International Auto Show in Detroit, Michigan Thomson Reuters DETROIT (Reuters) – Fiat Chrysler is reviewing its 5 billion euro ($5.74 billion) investment plan for Italy after the country approved measures slapping taxes on the purchase of larger petrol and diesel cars, Chief Executive Mike Manley said on Monday” reports businessinsider.com. The chief executive, who took over the helm at the world’s seventh-largest carmaker last year after the sudden death of industry veteran Sergio Marchionne, also said that Fiat Chrysler’s robotics business…

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