Taxes

In the past, NCAA rules prohibited college athletes from profiting from their name, image, and likeness (NIL). But in 2021, that changed. As a student-athlete, you now have the opportunity to earn NIL income, opening the door to exciting endorsement deals and profitable partnerships. Just remember — Uncle Sam wants his cut of these profits,

If you’re a college athlete profiting from your name, image, and likeness (NIL), your tax situation can be a complicated topic. Sometimes it’s hard to know where to start — that’s why we’ve put together a list of seven tips to help you prepare for your next tax season. 1. Get in touch with the

The Senate-passed Inflation Reduction Act (IRA) calls for a new 1 percent excise tax on stock buybacks, the argument being it would be better for the economy if firms invested their surplus cash in the business, rather than returning this value to shareholders. However, research suggests that buybacks do not hinder investment opportunities, and actually

Back-to-school shopping can put a serious dent in your bank account. In fact, parents plan to spend close to $700 on supplies this year according to a survey conducted by the National Retail Federation. Before you run to the store to start shopping, read these eight savings tricks to help you keep more of your

If the new 1099-K reporting thresholds have you confused as an eBay seller, you’re not alone. But don’t worry — eBay and TaxAct have partnered up to help you separate fact from fiction. Below we’ll address some common misconceptions you might have heard about these changes and the truth about how your taxes could be

If you sell items online, you’ve probably heard about new IRS reporting thresholds that went into effect this year. These new requirements have caused some confusion for sellers on eBay and other online marketplaces. To help keep sellers informed, TaxAct® and eBay have partnered to help you understand these tax changes and what they will mean

Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some argue that

For many people, passive income sounds like the dream. After all, who doesn’t want to earn extra income on autopilot? Especially in 2022, as we are all dealing with the effects of high inflation rates. Let’s look at what society considers to be passive income, how to get started earning passive income, and how much

Over the course of the last year, it has become clear that Democratic lawmakers want to change U.S. tax rules for large companies. However, as proposals have been debated in recent months, there are have been clear divides between U.S. proposals and the global minimum tax rules. Before getting too far into the weeds, it

As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue in the IRA. The minimum book tax puts one of the

In the rush to pass the Inflation Reduction Act, which features an ill-conceived tax on the book income of U.S. corporations, it is worth reminding policymakers of a well-established finding in the economic literature: that among all the major ways to raise revenue, increasing the corporate tax is the most economically destructive due to its

High inflation got your stress levels up? Here are some savings and investment strategies you can use as an inflation hedge to protect your money’s value as prices soar. Inflation calculator Calculate the spending power of in Year Compared to Year It would be Calculate What is inflation? As many of us have experienced firsthand

Imagine that a government provides subsidies to single parents that actually increase tax rates on additional work. This is the case for an Australian single parent who earns less than the average wage. With an increase in pay of just AUD 983 more, he would face a 652 percent marginal tax rate. Therefore, despite the

Preliminary Revenue and Economic Estimates Net Revenue Long-run GDP Wages FTE Jobs Source: Tax Foundation General Equilibrium Model, July 2022. Last-week’s Democrat-sponsored Inflation Reduction Act (IRA), successor to the House-passed Build Back Better Act of late 2021, has been touted by President Biden to, among other things, help reduce the country’s crippling inflation. Using the

Key Findings Seventeen states will hold a sales tax holiday in 2022, down from a peak of 19 in 2010 and unchanged from last year. Sales tax holidays do not promote economic growth or significantly increase consumer purchases; the evidence (including a 2017 study by Federal Reserve researchers) shows that they simply shift the timing

If making money with minimal effort is a financial goal of yours, passive income just might be the answer. But what exactly counts as a passive activity from a tax standpoint? Let’s look at the different ways the IRS says you can earn passive activity income and how it affects your taxes. What is passive

With inflation continuing to skyrocket, especially for food, which reached 10.4 percent in June, it is worth examining how the ongoing U.S. trade war with China and U.S. tariff policy overall has impacted U.S. agriculture and food prices. The economic literature shows that the U.S. import tariffs and subsequent retaliatory tariffs imposed by China and

The on-again-off-again negotiations over the proposed Build Back Better tax increases on corporations and high-income earners appears to be… on again. Senator Joe Manchin (D-WV) is now expressing support for something called the Inflation Reduction Act of 2022, which includes a 15 percent corporate minimum tax, drug price controls, IRS tax enforcement, and a tax

As the reality of a second quarter of negative economic growth settles in Washington, the Congressional Budget Office (CBO) released its own sobering report on the government’s long-term finances. The CBO long-term budget outlook report shows widening deficits over the next three decades as both federal spending and tax revenues are expected to rise above

With the Indiana General Assembly gaveled in this week for a special session called by Gov. Eric Holcomb (R), one of the issues is how to allocate portions of the $6.1 billion budget surplus for the fiscal year that ended June 30. The House, Senate, and governor agree that some of the extra revenue should