Taxes

Updated for tax year 2024. Do you currently have adult children who are not your dependents living under your roof? If you are supporting adult children, or even giving them a helping hand now and then, you’re not alone. In today’s tough job market, getting a good career started can take a little longer than

If you’ve received a 1099-LTC tax form this tax year, it’s likely because you were paid long-term care benefits or accelerated death benefits, and the Internal Revenue Service (IRS) wants to know about it. While these benefits aren’t always taxable, it’s important to understand what this form means. Let’s break down what’s on the form,

So, you just received Form 1099-MISC for the tax year, and you’re wondering what on earth miscellaneous income is. We get it — let’s break down what this form means, why you received it, the filing requirements, and how to report it on your federal income tax return. At a glance: Form 1099-MISC reports miscellaneous

Social Security Reform Options: Lessons from Around the World Skip to content September 24, 2024September 23, 202433 min readBy: Alex Durante Table of Contents Key Findings By 2035, the Old-Age, Survivors, and Disability Insurance Trust Fund, or the Social Security Trust Fund, will be depleted, and current payroll taxes will only be able to fund

June 27, 2024July 10, 2024 Sources of Personal Income, Tax Year 2021 Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor. 9 min read

Extended Producer Responsibility (EPR) Policies | Tax Foundation Skip to content Table of Contents Key Findings Growing levels of waste and pollution, paired with increasing burdens on taxpayers to address environmental problems, have spurned policymakers in the US and abroad to encourage producers to be responsible, either financially or operationally, for the end-life of their

Harris Corporate Tax Hike Proposal: Details & Analysis Skip to content Home • Blog • Harris Proposal to Raise Corporate Tax Rate Would Harm Workers in Every State Of the several tax increases that Vice President Kamala Harris has proposed, raising the corporate income taxA corporate income tax (CIT) is levied by federal and state

Federal Fiscal System Is Getting More Progressive Skip to content Home • Data • Federal Taxes • Federal Fiscal System Is Very Progressive—and Getting More So—Latest CBO Report Shows (2024 Update) September 27, 2024September 27, 20247 min readBy: Scott Hodge Underlying every fiscal policy discussion in Washington is the question of progressivity: how much should

Uline Minnesota Supreme Court Tax Ruling | Tax Foundation Skip to content Home • Blog • Minnesota High Court Ruling Will Increase Business Tax Compliance Costs Decades ago, Congress put limits on states’ ability to assert taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses

Oregon Measure 118 Penalizes Oregon Small Businesses Skip to content Home • Blog • Oregon Measure 118 Penalizes Oregon Small Businesses Despite being advertised as a 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

The Internal Revenue Service (IRS) uses 1099 forms, also called information returns, to report various types of income. If you received a 1099-CAP form as a taxpayer this tax year, it might look particularly confusing, but don’t worry — we’re here to break it down for you. This article will give you all the details

Why Corporate Taxes Are Important | TaxEDU Skip to content Home • Blog • Why Should I Care About the Corporate Tax Rate? This is part of our educational blog series, “The Short Form,” to simplify taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses

Sometimes, life throws you a curveball, and you’re suddenly staring at a tax form you’ve never seen before — like IRS Form 1099-LS. Let’s look at why a 1099-LS form appeared in your mailbox this tax year and what to do with it when filing your taxes. At a glance: Form 1099-LS reports the sale

Welcome to the wonderful world of tax refunds, where the dollars you receive after filing taxes can either bring a smile to your face or leave you scratching your head. Taxes play a significant role in your financial life, and your annual tax refund can have a big impact. But how does it all work?

So, you’ve received a Form 1099-DIV in the mail, and you’re wondering what to do with it. Don’t worry — this tax form is not as intimidating as it might seem. The Internal Revenue Service (IRS) sends taxpayers Form 1099-DIV for informational purposes. Like other 1099 forms, it’s a reminder that you’ve earned income other

Did you receive Form 1099-G this tax year? Here’s everything you need to know about this important tax form and how to use it when filing your income tax return with the Internal Revenue Service (IRS). At a glance: Form 1099-G most commonly reports unemployment compensation plus any state or local tax refunds you received.

Updated for tax year 2024. Your little bundle of joy may tap into your pocketbook throughout the year, but at tax time they can actually help you save money. And the more children you have, the bigger your tax savings. Uncle Sam offers many tax benefits for families, but understanding which ones you qualify for

Online Sports Betting Taxes by State, 2024 Skip to content Legal sports betting has grown rapidly since the Supreme Court granted states the ability to establish online sports betting markets in Murphy vs. NCAA in 2018. Pre-Murphy, consumers could only bet legally in a handful of states, but today, 38 states and the District of

Form 1099-A typically lands in your lap after a foreclosure or when your property securing a debt was repossessed or abandoned. In this guide, we’ll break down everything you need to know about a 1099-A tax form and how to use it during tax filing so you can approach tax season with a little less

Taxes on Wireless Services: Cell Phone Tax Rates by State Skip to content Home • Data • State Taxes • Excise Taxes and Fees on Wireless Services Increased 8.8 Percent in 2024 Table of Contents Key Findings A typical American household with four phones on a “family share” plan, paying $100 per month for taxable