tax Archives - Lefree Market

1 min read

Beverage

IRS offers guidance on expanded tax deduction for food and beverages

2 weeks ago James Brave

The IRS and the Treasury released guidance Thursday on a temporary exception to the 50 percent limit that businesses can deduct for food or beverages from restaurants during the pandemic.

In Notice 2021-25, the Internal Revenue Service and the Treasury Department offered details on a provision of the COVID-19 relief package that Congress passed last December, which temporarily allows a 100 percent deduction for food or beverages from restaurants through the end of next year. Normally, there’s a 50 percent limit on the amount that businesses can deduct for food and beverages.

The provision was included in the Taxpayer

1 min read

Beverage

Opinion: Rhode Islanders don’t need the beverage tax

4 weeks ago James Brave

Rhode Island small businesses have struggled to get through a historic economic downturn brought on by the coronavirus. We are just now getting to a point where we can see a light at the end of the tunnel. The last thing we need now are more burdens. Unfortunately, the state legislature is considering a new tax on beverages that will hurt working families, small businesses and their employees hardest.

There could not be a worse time to raise prices on families and increase costs to storeowners. Neighborhood grocery stores, corner stores and restaurants drive employment in our communities and fuel

1 min read

Food

Kansas City apartments to get tax breaks for ‘food desert’

2 months ago James Brave

title= — This is a rendering of the Opus Group’s proposed 256-unit apartment project in Briarcliff. It includes 15% of its apartments set at affordable rental rates.

The Opus Group/Port Authority of Kansas City

A proposed apartment development in the Northland’s Briarcliff area that is less than a mile from two grocery stores likely will receive a break on how much it pays in property taxes, in part because of the site’s designation as a food desert — a place without access to fresh, healthy food.

The Opus Group wants to build a $54.5 million, 256-unit apartment project on undeveloped land at

1 min read

Drink

Sugary drinks latest target in Washington tax proposal

2 months ago James Brave

Lawmakers want Washington to be the first state to establish a sweetened beverage tax.

OLYMPIA, Wash. — Your favorite soda, juice and sweetened coffee drinks would likely get more expensive under the latest tax proposal debated in Olympia.

Modeled after a similar ordinance in Seattle, Senate Bill 5371 would charge beverage distributors 1.75 cents for every ounce of a sweetened drink that has more than 20 calories in a 12-ounce serving. That would make a 12-ounce can of regular soda cost an additional 21 cents.

Bill sponsors said, while other cities and communities around the country have similar taxes, Washington

1 min read

Beverage

Whitestown council to weigh enacting food-and-beverage tax

2 months ago James Brave

The Whitestown Town Council will hold a public hearing Monday night to consider a proposal to tack a 1% tax on food and beverage purchases to help fund projects that improve local infrastructure and quality of life.

In 2019, Whitestown was one of several suburban communities that received state approval to implement a 1% food and beverage tax. The town didn’t immediately impose that tax, but the council now will consider collecting the money to help pay for services, capital improvements, amenities and economic development projects.

In 2019, it was estimated Whitestown could generate $233,800 in 2021 by enacting the

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IRS offers guidance on expanded tax deduction for food and beverages

Opinion: Rhode Islanders don’t need the beverage tax

Kansas City apartments to get tax breaks for ‘food desert’

Sugary drinks latest target in Washington tax proposal

Whitestown council to weigh enacting food-and-beverage tax

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