Taxes

Updated for 2024. Stock options and stock purchase plans are a popular way for employers to pad an employee’s compensation outside of a paycheck. However, the Internal Revenue Service (IRS) still requires you to report those benefits on your tax return. To make tax time less stressful, here’s a quick breakdown of some popular employee stock

January 31, 2024September 26, 2024 The Impact of GILTI, FDII, and BEAT The Tax Cuts and Jobs Act of 2017 (TCJA) reformed the U.S. system for taxing international corporate income. Understanding the impact of TCJA’s international provisions thus far can help lawmakers consider how to approach international tax policy in the coming years. 30 min

For dividends, Ireland’s top integrated tax rate was the highest among European OECD countries (57.1 percent), followed by Denmark (54.8 percent) and the United Kingdom (54.5 percent). Estonia (20 percent), Latvia (20 percent), and Hungary (22.7 percent) levy the lowest rates. Estonia and Latvia’s tax on distributed profits means that the corporate income tax is

Who Pays Federal Income Taxes? Latest Federal Income Tax Data Skip to content November 18, 2024November 18, 20246 min readBy: Erica York Table of Contents New Internal Revenue Service data for taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of

Updated for tax year 2024. There’s nothing wrong with filing taxes early. In fact, getting a head start on federal tax filing may be more beneficial than most people realize. At a glance: The sooner you file your taxes, the sooner you’ll get your tax refund. Filing early can also give you more time to

Updated for tax year 2024. If you’re an employee, you’re probably familiar with federal income tax and other withholdings on your regular paycheck. But what happens when you receive a year-end bonus or other types of supplemental income? Understanding how your bonus is taxed can help you plan for the best outcome at tax time

Filing taxes can be complex, especially for partnership business owners who need to file IRS Form 1065. If your business is a partnership or a multi-member LLC, you’re in the right place! This guide will walk you through what you need to know about Form 1065 — what it is, how to file it, and

How the Payroll Tax Base Has Changed Over Time Skip to content Home • Blog • How the Payroll Tax Base Has Changed Over Time The Social Security trust funds face looming insolvency if policymakers don’t reform the program. One issue that garners a lot of attention in the debate over solutions is the payroll

Running a small business like a corporation has plenty of perks, but let’s face it — corporate taxes can get complicated. This guide will give you a better understanding of Form 1120, U.S. Corporation Income Tax Return, and its accompanying schedules, including what each tax form is for and how to file it. Here’s what

Alabama Expands Tax-Free Overtime, Should Repeal Exemption Skip to content Home • Blog • Alabama Expands Tax-Free Overtime Eligibility, but Should Repeal Entire Exemption Before President-elect Donald Trump proposed it at the federal level, Alabama passed a law exempting overtime wages from taxes back in November 2023. Act 2023-421 (H.B. 217) excluded any amounts received

State Drug Policy: Marijuana Legalization | Tax Foundation Skip to content Home • Blog • Momentum Slows for State Drug Legalization Policies via 2024 State Ballot Initiatives Drug policy was on the ballot in many states in 2024. Voters in Florida, North Carolina, and South Dakota considered legalizing recreational marijuana; voters in Nebraska had the

UK Windfall Taxes: Details & Analysis Skip to content Home • Blog • Are Windfall Taxes Becoming the New Normal in the UK? Even though energy prices have declined from their recent peak, the United Kingdom is one of the few countries in Europe continuing to rely on windfall profits taxes to support households with

Trump Tax Cuts, Tariffs, and Reconciliation | Tax Foundation Skip to content Home • Blog • Questions About Tax Cuts, Tariffs, and Reconciliation After the Election The clear election victory for Republicans means they will retake the White House, Senate, and (by a slim margin) the House next year, putting them in the driver’s seat

Repealing Head of Household Filing Status: Details and Analysis Skip to content Home • Blog • Repealing Head of Household Filing Status: Details and Analysis As lawmakers prepare for the debate over the expiration of the 2017 TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or

Estate and inheritance taxes are burdensome. They disincentivize investment and can drive high-net-worth individuals out of state. They also yield estate planning and tax avoidance strategies that are inefficient, not only for affected taxpayers but also for the economy at large. The handful of states that still impose them should consider gradually eliminating them or

Super-Rich Effective Tax Rates: US Treasury Report Skip to content Home • Blog • The Super-Rich Pay Super-Amounts of Taxes, New Treasury Report Finds A common refrain from many progressive lawmakers is that the rich don’t pay their fair share of taxes. “Fair share” is, of course, subjective. But a new Treasury study provides data

Premium Cigar Taxes by State, 2024 | Tax Foundation Skip to content Table of Contents Over 500 million premium cigars were sold in the United States in 2023. With each sale comes a complex taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover

Blog July 24, 2024October 30, 2024 Where Does Kamala Harris Stand on Taxes? While both President Biden and Vice President Harris aim their proposed tax hikes on businesses and high earners, key differences between their tax ideas in the past reveal where Harris may take her tax policy platform in the 2024 campaign. 6 min

Spain’s Poorly Designed Tax Policy Hurts Its Competitiveness Skip to content Home • Blog • Spain’s Poorly Designed Tax Policy Hurts Its Competitiveness Spain’s central government could learn some valuable lessons from its regional governments and other European countries about sound taxA tax is a mandatory payment or charge collected by local, state, and national

How Will the Trump Tariffs Impact the US Economy? Skip to content Home • Blog • How Will Trump’s Universal and China Tariffs Impact the Economy? President-elect Trump has promised to impose steep new taxes on trade, including a 10-20 percent tariff on all imports, at least a 60 percent tariffTariffs are taxes imposed by