Taxes

Congress Must Cement Full R&D Tax Expensing | Op-Ed Skip to content Home • Op-eds • Congress Must Cement Full R&D Tax Expensing for Economic Growth TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and

2024 European Tax Rankings | Tax Foundation Europe Skip to content Table of Contents Introduction The structure of a country’s taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. code is a determining factor

German Election: Tax Policy for Economic Growth Skip to content Home • Blog • Observing the German Election: Tax Policy for Economic Growth The German economy has been contracting for two consecutive years, with corporate investments trailing those of other European countries. Business confidence remains low, and economic outlooks are pessimistic. Against this backdrop, policymakers

Net Wealth Taxes in Europe Norway levies a net wealth tax of 1 percent on individuals’ wealth stocks exceeding NOK 1.7 million (EUR 146,000 or USD 153,000), with 0.7 percent going to municipalities and 0.3 percent to the central government. Norway’s net wealth tax dates to 1892. Additionally, for net wealth exceeding NOK 20 million

Tax Policy & US Economy: Enhancements to Our Tax Modeling Skip to content Home • Blog • Tax Policy and the US Economy: Enhancements to Our Modeling Framework The TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government

On Thursday, April 10th, the Tax Foundation, University of North Carolina Tax Center, and Massachusetts Institute of Technology Sloan School of Management are hosting a joint conference to discuss New Directions in Tax Policy: Budgetary and Other Challenges of an Increasingly Complex Tax Code. This timely conference will provide members of Congress, the business community,

Making the Tax Cuts and Jobs Act (TCJA) Permanent: Analysis Skip to content Table of Contents Key Findings Permanently extending the expiring individual, estate, and business taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and

LIFO Tax Treatment: Role of LIFO in the Tax Code | Tax Foundation Skip to content Table of Contents Key Findings Last-in, first-out (LIFO) and first-in, first-out (FIFO) are two methods of inventory accounting used for both financial accounting and taxA tax is a mandatory payment or charge collected by local, state, and national governments

Oregon Estate Tax Reform | Tax Foundation Skip to content Home • Blog • Proposed Estate Tax Changes in Oregon: A Long-Overdue Reform? Benjamin Franklin famously said that nothing is certain except death and taxes. Death taxes, however, are often avoidable—at least when it comes to state-level estate taxes. The simplest way to avoid them

When someone close to us passes away, sorting through the financial side can feel overwhelming. The good news is most people don’t need to stress about inheritance tax — at least not at the federal level. In this guide, we’ll break down how the inheritance tax works in the U.S., so you know what to

Updated for tax year 2024. If you are a taxpayer who makes quarterly estimated tax payments to the Internal Revenue Service (IRS), you probably determine how much you should pay each quarter at the beginning of the year. You may have even used TaxAct® to estimate your tax payments and print vouchers. However, as a self-employed person, small

Updated for tax year 2024. If you’re like most taxpayers, you receive salary and wages from your employer and never have to worry about how to make estimated tax payments. Even if you receive additional income on the side, such as interest and dividends, stock gains, or freelance income, the income tax withheld from wages

Getting married changes many aspects of your life, including how you file your taxes. Choosing the right tax filing status can significantly impact your tax refund, tax liability, and eligibility for certain tax deductions and credits. This guide will help you understand the tax advantages for married couples, potential married filing separately disadvantages, and how

Updated for tax year 2024. Owning a home comes with numerous benefits, and one of them is the opportunity to claim various tax credits and deductions. Let’s look at some ways you can maximize your tax savings as a homeowner this year.  At a glance: Choose between itemizing or taking the standard deduction depending on

When it comes to taxes, picking the right tax filing status can make a big difference in what you owe or get back. Head of household and married filing jointly are common filing status options, and each comes with its own eligibility criteria. You can only qualify for one or the other, not both, so

The IRS rejecting your tax return can be a scary thing. Thankfully, it’s usually nothing to be overly concerned about. Let’s examine why your income tax return may be rejected and what to do if you find yourself in that situation. What does an IRS rejected tax return mean? If you get a notice from

When it comes to charitable donations and taxes, it pays to be generous. Helping shelter pets by donating to your local humane society is a great way to make a difference while earning a tax break. Should I donate to my local animal shelter? Animal welfare groups are crucial in rescuing and caring for our

Updated for tax year 2024. You know you can claim your kids on your income tax return. But what if you also support Mom and Dad? Here’s what you need to know about claiming your parents as dependents on your income tax return. Can I claim my parent as a dependent? If you care for

If you’re a small business owner considering the S corp route, IRS Form 2553 is the key to electing S corporation status for your business. But don’t worry — filling out this form doesn’t need to be a headache. We’re here to guide you through the process and help you file Form 2553 without the

When dealing with tax matters, you might need someone else to handle things for you. Whether you’re facing an audit, resolving a tax liability, or just want your CPA to speak with the Internal Revenue Service (IRS) on your behalf, IRS Form 2848 is what you need. Let’s break down this form and how to