Taxes

Iowa State Tax Filing Deadlines 2023 The State of Iowa government has issued the following guidance concerning income tax filing deadlines and extensions: The tax filing due date for 2022 Iowa income tax returns is May 1, 2023. Qualifying taxpayers who file and pay by this date will not be subject to late-filing or underpayment

On 1 January 1993, the European Union launched the Single Market by abolishing border controls between EU Member States and ensuring the free movement of people, goods, services, and capital (otherwise known as the EU’s four freedoms). Thirty years later, the liberal economic principles that have driven the EU Single Market’s success are being questioned.

On the heels of adopting one of the most comprehensive state tax reform packages in years, Iowa lawmakers are back in Des Moines with property tax relief in their sights. But while the issue is worthy of their attention, House File 1 (HF 1) as currently drafted misses the mark. Property tax limitations come in

As Americans prepare to file their 2022 tax returns, the Internal Revenue Service (IRS) remains mired in a backlog of millions of returns from previous tax filing seasons. The National Taxpayer Advocate issued a warning to lawmakers in her annual report to Congress that the backlog creates “challenges for the 2023 tax filing season before

Georgia lawmakers brought a tax reform package across the finish line in 2022 that will change the state’s progressive income tax to a 5.49 percent flat tax beginning in 2024, with triggers to provide additional rate reductions. This is an important step forward, but if the state truly wants to cement its status as a

Iowa State Tax Brackets 2023 The state of Iowa collects income tax from its residents at the same rate regardless of filing status. Here’s a breakdown of those rates for tax year 2022. Iowa state taxes are due May 1, 2023. For married taxpayers filing jointly Taxable Income     Tax       Over

Value-added taxes (VAT) make up approximately one-fifth of total tax revenues in European Union countries. However, countries differ significantly in how efficiently they raise VAT revenue. One way to measure a country’s VAT efficiency is the VAT Gap—the difference between revenue that should be collected under an ideal VAT system and the amount that gets collected.  The difference

Wealth taxes are back in a big way. In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday. The campaign is part of a broader national focus on new taxes on investment, entrepreneurship,

Key Findings The value-added tax (VAT) is a major source of revenue for EU countries and is one of the EU’s own resources. For Member States, it represents on average 17.8 percent of their total tax revenue. For the EU, VAT revenue represented roughly 7.5 percent of its total revenue in 2021. While the European

There are many changes coming to Washington, D.C., now that Republicans have taken control of the U.S. House of Representatives. Uncertainty surrounds President Biden’s ability to pass his economic agenda through a divided Congress and few can predict the path U.S. tax policy will take at home or abroad. However, despite a bleak outlook for

You can receive Form 1099-K for a variety of reasons. How you report the income listed on your 1099-K depends on how you made that income, which can be confusing if you’ve never seen this form before. In late December 2022, the IRS delayed an anticipated change in 1099-K reporting thresholds that would have resulted

Earlier this week, the House of Representatives approved their rules package for the 118th Congress. One notable change to the rules will require the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) to produce estimates of the “budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables” resulting from

If you engaged in crypto trading in 2022, it’s possible you could receive Form 1099-K this year. But what is this form telling you, and what should you do with it? Let’s break it down together. To make virtual currency trading more user-friendly, crypto exchanges (like Coinbase, Gemini, Kraken, etc.) have enabled their users to

Start a side gig in 2022? Whether you lost your traditional job or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit. Over the years, the IRS refined its rules for gig workers. But obviously, the IRS still wants you to pay taxes on any income,

Newly published data from the Congressional Budget Office (CBO) indicates in 2019, before the onset of the pandemic, American incomes continued to rise as part of a broad economic expansion. It also shows that, contrary to common perceptions, the federal tax system is progressive. The data on household incomes and tax burdens also comes two years

Americans were on the move in 2022 and chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau population data and commercial datasets released this week by U-Haul and United Van Lines. The U.S. population grew 0.4 percent between July 2021 and July 2022, an increase from the previous year’s historically low rate of 0.1 percent. While

Updated for tax year 2022. Campaign contributions total hundreds of millions of dollars, and they continue to rise. With this level of fundraising, one question is sure to come to mind: Are political contributions tax deductible? The short answer? No. Most political contributions, whether local, regional, or national, are not tax-deductible and haven’t been for years.

Updated for tax year 2022. No matter what self-employment looks like for you, you’re responsible for ensuring the taxes on your net earnings are paid to the Internal Revenue Service (IRS). And the self-employment tax (SE tax) is part of that. Officially known as the Self-Employment Contributions Act tax, the SE tax is the self-employed community’s version of

Are you filing your taxes for the first time this year? Filing an income tax return may sound daunting, but the good news is that most teen tax returns are simple to do — you just need to familiarize yourself with some tax basics. Is a teenager required to file taxes? As a taxpayer, you

We get it; filing your taxes is a chore you’d rather not do. That’s why TaxAct® makes the tax prep process as seamless and easy as possible — and did we mention you can also file your basic federal return with us for free1? Is TaxAct’s offering actually free? With TaxAct, you have different filing