Search Results: keywords:"tax planning implications"

  • S. 1177 — To amend the Internal Revenue Code of 1986 to equalize the charitable mileage rate with the business travel rate.
    Status:Introduced in Senate
    Words:292

    S. 1177 aims to amend the Internal Revenue Code of 1986 to make the mileage rate for charitable activities the same as the rate for business travel. The bill proposes that the rate for transporting people or goods for charities should be at least equal to the business travel...

    Simple Explanation

    The bill wants to make sure that when someone drives their car to help a charity, they can get the same money back per mile as someone who drives for their job. This change would start in the year 2025.

  • H. R. 232 — To amend the Internal Revenue Code of 1986 to modify the limitation on the amount individuals can deduct for certain State and local taxes.
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    Status:Introduced in House
    Words:268

    H. R. 232, titled the “SALT Fairness and Marriage Penalty Elimination Act,” proposes changes to the Internal Revenue Code of 1986. It aims to increase the limit on how much individuals can deduct for certain state and local taxes. The bill raises the deduction cap to $100,000...

    Simple Explanation

    H. R. 232 is trying to change the rules so that people can take off more from their taxes for money they’ve paid to the state or city they live in, making the limit much higher than before. This means some families might have to pay less when they do their taxes each year.