Money, Wealth & Power—A Daily Look at the Financial World
California is scrambling to keep its electric vehicle market from stalling after the loss of federal tax breaks, racing to stand up new state rebates before buyers walk away from showrooms. The state is betting that a fresh wave of incentives can keep EV sales growing even as the federal government steps back. I see…
For self-employed workers and small business owners, the home office tax break can turn a spare room or corner desk into real savings at filing time. The rules are strict, but when you meet them, you can write off part of your housing costs and other expenses tied to working where you live. I will…
The new federal tax break for older Americans was billed as a simple way to help retirees keep more of their income. Instead, the $6,000 senior deduction has landed in the middle of a fierce debate over fairness, fiscal risk, and who really benefits. As the 2026 filing season approaches, many retirees are discovering that…
Side hustles have shifted from fringe gigs to a core income source for millions of Americans, and the tax system is racing to catch up. The Internal Revenue Service is zeroing in on this booming stream of earnings, using new data tools and reporting rules to match what platforms and payment apps show against what…
President Donald Trump is leaning hard on tax policy to bolster household finances, and his Treasury chief is promising that the payoff is about to show up in Americans’ bank accounts. Treasury Secretary Scott Bessent is touting what he calls record tax refunds for working families, framing the coming filing season as proof that the…
Tesla has confirmed that it paid no federal income tax on $5.7 billion in United States profits in 2025, despite reporting billions in domestic earnings and enjoying strong demand for its electric vehicles. The result is not an accounting error but the product of a corporate tax system that allows highly profitable companies to drive…
Tax filing season is arriving just as President Donald Trump’s second-year agenda begins to bite, and the headline promise of “relief” is colliding with a more complicated reality. Some households will see bigger refunds, but a mix of expiring health subsidies, shifting brackets and stealth levies is poised to hit family budgets from multiple directions….
The first big tax deadline of 2026 has come and gone, and for employers and payors who missed it, the Internal Revenue Service is already tallying penalties. The cutoff for sending key information returns tied to 2025 income has now passed, which means late filers are moving from grace period to damage control. I see…
Two Atlanta-area tax preparers have been permanently pushed out of the business after federal authorities accused them of fabricating returns and pocketing hundreds of thousands of dollars in improper fees. The lifetime ban caps a civil enforcement push that forced the pair to give up $600,000 in what officials describe as ill-gotten gains and sends…
President Donald Trump is turning a massive legal clash with the tax authorities into a political and public relations spectacle, floating the idea of settling his $10 billion claim and handing the money to charity. The president has framed the lawsuit as a test of government accountability after the leak of his tax returns, while…