Taxes

Updated for tax year 2024. Being a small business owner comes with some unique challenges — including figuring out how small business taxes work. The good news? We’re here to spill the essential small business tax deduction secrets to help you lower your tax liability and keep that hard-earned money in your pocket. As a

Did you receive Form 1099-Q this tax year? The Internal Revenue Service (IRS) requires payers to send you this tax form if you took distributions from a tax-advantaged education investment account such as a 529 plan or Coverdell education savings account (ESA). Whether you’re a parent or a student, we’re here to help you understand

Updated for tax year 2024. Curious about the business tax deadlines that you should mark on your calendar this tax season? Here’s what small business owners need to know. Deadlines for filing small business tax returns There are different filing deadlines to be aware of depending on what type of business you have. Below are

Because the Internal Revenue Service (IRS) doesn’t automatically send out periodic account statements, it’s easy to wonder about the status of your account. True, you’ll get letters from the IRS if you have overdue amounts from a past year, or if the IRS believes you have made a mistake on your return. But that doesn’t

Updated for tax year 2024. No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining. But becoming a Mega Millions or Powerball jackpot winner doesn’t change everything. If you are the lucky winner, you

Are you wondering why you owe so much in taxes this year? Want to make sure your tax bill is correct and not pay more than you owe when you file your federal tax return come tax season? At a glance: Common reasons for owing taxes include insufficient withholding, extra income, self-employment tax, life changes,

Spain Windfall Tax on Energy & Banking Sectors Skip to content Home • Blog • Wartime Taxes Are Waging War on Sound Policy Choices Even though energy prices have declined from their recent peak, Spain is one of the few countries in Europe continuing to rely on windfall profits taxes to fund relief measures for

Trump Americans Abroad Tax Compliance Relief Proposal Skip to content Home • Blog • Americans Abroad Need Compliance Cost Relief Last week, Republican presidential nominee Donald Trump stated “I support ending the double taxationDouble taxation is when taxes are paid twice on the same dollar of income, regardless of whether that’s corporate or individual income.

Recent Changes to State GILTI Tax Base Treatment States’ treatment of GILTI has not changed significantly in recent years. Since our last map update on May 20, 2021, only two states, New Jersey and Minnesota, amended their state tax codes or provided supplementary regulatory guidance that invokes GILTI tax base changes: New Jersey decreased its

Blog January 31, 2024September 24, 2024 Tax Foundation Discussion on the Harms of Retaliatory Tax and Trade Policies Historical evidence and recent studies have shown that retaliatory tax and trade proposals raise prices and reduce the quantity of goods and services available to U.S. businesses and consumers, resulting in lower incomes, reduced employment, and lower

More Competitive EU Tax System: Recommendations | TFE Skip to content Home • Blog • What Does Moving Toward a More Competitive EU Tax System Mean? “There are two kinds of European nations. There are small nations and there are countries that have not yet realized they are small nations.” This quote by a former

Federal Budget Deficit: US Spending & Tax Collections Post-TCJA Skip to content Home • Blog • Another Huge Federal Deficit in Fiscal Year 2024 Despite Surging Corporate and Other Tax Collections The federal government’s budget deficit was $1.8 trillion in fiscal year 2024 (which ended in September), according to preliminary analysis by the Congressional Budget

Updated for tax year 2024. Ah, the ultimate tax question: What should you do if you owe more taxes to the Internal Revenue Service (IRS) than you can afford? Discovering you owe more tax than expected can leave you feeling defeated. Not getting a tax refund is bad enough, but finding out you owe a

Have you ever wondered how to make sense of Form W-2? A W-2 form is more than just a piece of paper; it’s a breakdown of your income, taxes, and other important details that your employer must provide to you and the IRS. This guide will explain everything you need to know about Form W-2,

If you’re a freelancer or a career independent contractor, you’re probably familiar with a W-9 form. As far as tax paperwork goes, it’s one of the better ones because it generally means you’ve won a new client! The form makes it easy to submit all your vital information to the client, so you can start

Oregon Measure 118 State Budget Cost: $2 Billion Skip to content Home • Blog • Oregon Measure 118 Is an $8 Billion Tax Increase That Raids $2 Billion from the State Budget Oregon Measure 118 would raise $8 billion a year in its first full year, and nearly $10 billion a year within five years

Changes from Last Year Estonia increased its excise duty on beer from €12.70 to €13.34 per hectoliter per alcohol content in January 2024, amounting to €0.01 more per drink. Finland decreased its excise duty on beer from €38.05 to €36.20 per hectoliter in January 2024, amounting to €0.03 less per drink. France increased its excise

Brazil Alcohol Tax System Reform | Tax Foundation Skip to content Home • Blog • Brazil Proposes Major Overhaul of Its Alcohol Tax System The Brazilian government is poised to make the biggest change to its alcohol taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or

US Economy vs Chinese Economy: Bolster US Economic Growth Skip to content Table of Contents Key Findings Competition with China has become a key theme of American politics. One crucial aspect of that competition is aggregate economic growth. One policy lever that affects aggregate economic growth (among many) is the structure of the corporate taxA

North Dakota Repeal Property Taxes Measure 4 Skip to content Home • Op-eds • Before Repealing the Property Tax, Look Under the Hood Imagine never again receiving a property taxA property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and