Taxes

Updated for tax year 2024. If you’re self-employed and have many different business activities or side hustles, it can be confusing to know how to report them all on your taxes. There are certain rules you need to follow, like grouping similar activities together and keeping different ones separate. Let’s take a closer look at

Illinois Tax Changes Effective January 1, 2025 Illinois will increase its franchise (capital stock) tax exemption from $5,000 to $10,000, effective January 1, 2025. Notably, however, Illinois had once been on track to eliminate this tax altogether, a policy that has since been paused. Illinois will also broaden its sales tax base to include retail

Extending TCJA Economic Analysis: CBO & JCT Economic Models Skip to content Home • Blog • CBO and JCT Preview Economic Analysis of Extending TCJA The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) recently published macroeconomic (dynamic) analyses of extending the individual provisions of the TaxA tax is a mandatory payment

Updated for tax year 2024. As you get older, you may find you face more and more medical bills. No matter how great your insurance coverage is or if you are on Medicare, the out-of-pocket costs due to medical needs can add up. And if you or a loved one have a serious medical condition

Updated for tax year 2024. As a self-employed taxpayer, do you ever envy your traditionally employed friends at tax time? Having your own business as a freelancer or independent contractor definitely increases the record-keeping you must do for tax purposes. And when you’re digging through all your self-employed income tax records and business receipts, it’s

Updated for tax year 2024. If you and your significant other are living together without being married, you probably share many expenses. One of you may even be financially supporting the other. In such a scenario, you may wonder if you can claim your girlfriend or boyfriend as a dependent on your tax return to

Updated for tax year 2024. Have you ever lost money to a loan you’ll never collect? If you answered yes, the good news is you’re not alone. Many of us have lent money to a friend or relative at some point. And while the intent might have been good, there are times when things don’t

Updated for tax year 2024. Income tax forms are the official government documents the IRS requires you to fill out when you file your taxes. Usually, the more complicated your finances are the more tax forms you may need to fill out. On top of the federal tax forms, many states and cities (like Portland) have

If you are self-employed and work at home — even just part-time — you may claim a home office tax deduction for expenses related to your home office. Alas, if you’re an employee who has been working from home since the COVID-19 pandemic, that amazing home office tax deduction you’ve heard so much about does

You sold your house, an investment property, or something else of value. When do you tell the Internal Revenue Service (IRS)? While tax law can seem overwhelming for many Americans, we’re here to help you make sense of it. Below, you’ll learn how capital gains taxes work, when to make estimated tax payments, and how

Everybody loves an annual bonus at the end of the year, but not everyone understands how bonuses affect their tax returns or even what the Internal Revenue Service (IRS) considers a bonus. Let’s address some common questions about annual bonuses and what you should expect if you receive one this year. At a glance: The

Selling on Etsy® may be a fast and easy way to get into business for yourself. But make no mistake — getting started in online sales may be quick and easy these days, but that doesn’t mean you’re not a “real” business in the eyes of the Internal Revenue Service (IRS). Fortunately, complying with IRS

Updated for tax year 2024. With tax season coming soon, you may be wondering how you can reduce your taxable income. One smart place to start looking is your 401(k) plan. Here are a few ways your 401(k) can reduce your taxable income and save you money. At a glance: There are different types of

Updated for tax years 2024 and 2025. If you sell items online or use third-party payment apps such as Venmo® or Cash App®, you’ve probably heard about new IRS reporting thresholds that were supposed to go into effect first in 2022, and then in tax year 2023. These threshold changes understandably caused much confusion among filers.

Form 1120-S is a crucial tax document for small business owners of S corporations. If you’re an S corp owner, understanding how to fill out an 1120-S tax form accurately can help you avoid unnecessary headaches and make the most of your tax situation. Whether it’s your first time filing this form or you just

Updated for tax year 2024. Knowing your way around IRS Form 1040 can make the tax filing process much easier. This guide will walk you through everything you need to know about Form 1040: what it is, how to complete Form 1040 accurately, and which related tax forms and schedules you might need. Let’s dive

Updated for tax year 2024. At the beginning of every tax season, you receive informational tax forms in the mail from your places of employment, financial institutions, and organizations you did business with throughout the year that the Internal Revenue Service (IRS) wants to hear about. Two of those forms may look very similar if

Interstate Migration and Tax Competitiveness Skip to content Home • Blog • Tax Competitiveness and Interstate Migration Recently, we published our updated and rebranded State Tax Competitiveness Index (STCI), which measures how well states’ taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover

Skip to content Home • Op-eds • Out-Competing China Starts With The Tax Code December 5, 2024December 5, 2024By: Alex Muresianu Two provisions of the 2017 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

Extending the Tax Cuts: Budgetary Impact Discussion Skip to content Home • Blog • All About That Base(line) If Congress does not act, taxes will rise for millions of Americans on January 1, 2026, as the individual provisions of the TaxA tax is a mandatory payment or charge collected by local, state, and national governments