Taxes

Updated for tax year 2024. It happens. You filed your tax return on time, and you planned to forget about taxes for another year … but you just discovered a mistake on your federal tax return. What do you do? Do you file a new return with the Internal Revenue Service and tell them to
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US vs China Tax Policy | Tax Foundation Skip to content Home • Blog • What Sets the US and China Apart on Tax? Competition between the United States and China has become a central theme in American policy discussions, from recently enacted legislation like the CHIPS and Science Act to policy recommendations from the
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Taxes in the Internet Age | TaxEDU Skip to content Home • Blog • Taxes in the Internet Age This is part of our educational blog series, “The Short Form,” to simplify taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs
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Blog May 15, 2024May 29, 2024 America Should Learn from Successful Universal Savings Policy Across the Pond For U.S. policymakers looking to encourage greater saving and financial security, particularly among low- and moderate-income households facing serious affordability challenges, the experiences in both the UK and Canada indicate that universal savings accounts are an effective policy
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Harris America Forward Tax Credits: Details & Analysis Skip to content Home • Blog • Harris’s America Forward Plan Should Cover Whole Economy, Not Just Favored Industries The Harris campaign has mostly proposed increasing taxes on businesses and high-income earners. However, the campaign’s new policy document adds a few proposals to reduce taxes on businesses,
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2025 State Tax Competitiveness Index | Full Study Skip to content Table of Contents Launch Interactive Tool Preface to the New Edition The study before you, which has been published as the State Business TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover
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Eighteen of the 27 Member States of the European Union have implemented both the IIR and the QDMTT in 2024, while nine have not. Five EU Member States can opt for a six-year deferral of Pillar Two implementation, and all of them have done so, with Estonia, Latvia, Lithuania, and Malta deferring all rules until
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Property Tax Relief & Reform Options | Tax Foundation Skip to content Table of Contents Key Findings Property values have skyrocketed in recent years, rising almost 27 percent faster than inflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of
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Updated for tax year 2024. Being a small business owner comes with some unique challenges — including figuring out how small business taxes work. The good news? We’re here to spill the essential small business tax deduction secrets to help you lower your tax liability and keep that hard-earned money in your pocket. As a
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Did you receive Form 1099-Q this tax year? The Internal Revenue Service (IRS) requires payers to send you this tax form if you took distributions from a tax-advantaged education investment account such as a 529 plan or Coverdell education savings account (ESA). Whether you’re a parent or a student, we’re here to help you understand
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Updated for tax year 2024. Curious about the business tax deadlines that you should mark on your calendar this tax season? Here’s what small business owners need to know. Deadlines for filing small business tax returns There are different filing deadlines to be aware of depending on what type of business you have. Below are
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Because the Internal Revenue Service (IRS) doesn’t automatically send out periodic account statements, it’s easy to wonder about the status of your account. True, you’ll get letters from the IRS if you have overdue amounts from a past year, or if the IRS believes you have made a mistake on your return. But that doesn’t
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Updated for tax year 2024. No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining. But becoming a Mega Millions or Powerball jackpot winner doesn’t change everything. If you are the lucky winner, you
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Are you wondering why you owe so much in taxes this year? Want to make sure your tax bill is correct and not pay more than you owe when you file your federal tax return come tax season? At a glance: Common reasons for owing taxes include insufficient withholding, extra income, self-employment tax, life changes,
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Trump Americans Abroad Tax Compliance Relief Proposal Skip to content Home • Blog • Americans Abroad Need Compliance Cost Relief Last week, Republican presidential nominee Donald Trump stated “I support ending the double taxationDouble taxation is when taxes are paid twice on the same dollar of income, regardless of whether that’s corporate or individual income.
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