Taxes

The IRS starts processing your income tax return as soon as they receive it. But how long does it take to receive your tax refund after processing begins? What is the IRS tax refund schedule for tax year 2024? The IRS generally processes e-filed returns and sends refunds to taxpayers in less than 21 days.

Updated for tax year 2024. Starting a new business and keeping it going through its first year is an impressive accomplishment! When you file a federal income tax return for your business, the paperwork and forms the IRS requires you to use depends on your business entity and how your business is organized. Here’s how you’ll

Cigarette Taxes and Cigarette Smuggling by State, 2022 Skip to content Table of Contents Key Findings Excessive 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. rates on cigarettes induce substantial black and gray

If Form 1099-SA showed up in your mailbox or inbox this year, don’t let it scare you. In this guide, we’ll break down what a 1099-SA form is, why you got it, and what you need to do next. By the end, you’ll know exactly how to report it on your income tax return and

If you sold a life insurance policy this year, you may receive Form 1099-SB. This tax form informs you and the Internal Revenue Service (IRS) about the sale or transfer of a life insurance contract. But what does this mean for your taxes? Let’s walk through what the 1099-SB form is, why you received it,

Updated for tax year 2024.               Small business owners, it’s time to expand your holiday shopping list. In addition to buying gifts for loved ones, you can also make smart purchases for your business to help reduce your taxable income before the end of the year. Timing is everything for small business tax savings The end

Updated for tax year 2024. At a glance: Stock options and ESPP plans generate income in two categories: ordinary income and capital gains or losses. Calculate your gain or loss by subtracting your adjusted cost basis from the sales proceeds. Check your 1099-B for accuracy, compare it to your investment records, and adjust if necessary.

President-elect Donald Trump announced he would create a Department of Government Efficiency (DOGE), spearheaded by entrepreneurs Elon Musk and Vivek Ramaswamy, to find ways to save taxpayer dollars. Say what you will about the ability of Musk and Ramaswamy to build successful businesses, but it is likely that they have never encountered a challenge as

Updated for tax year 2024. Did you profit from selling a house, some investments, or even a car this year? If so, you’ll likely need to report the sale on your income tax return due to the long-term capital gains tax. Fortunately, if your sale qualifies as a long-term capital gain, the taxes are less

Blog February 6, 2024February 6, 2024 Treasury Finds TCJA Interest Limitations Had Small Impact on Corporate Activity Limiting interest deductibility continues to be a worthwhile policy goal, but given the current climate, policymakers should opt to pair any further limitations with other pro-growth policies such as full expensing to ensure firms’ incentives to invest are

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