Taxes

Patent box regimes (also referred to as intellectual property [IP] regimes) provide lower effective tax rates on income derived from IP. Most commonly, eligible types of IP are patents and software copyrights. Depending on the patent box regime, income derived from IP can include royalties, licensing fees, gains on the sale of IP, sales of

This is part of our educational blog series, “The Short Form,” to simplify tax issues and explore the world through the lens of tax policy. Learn more about taxes with TaxEDU. The global tax deal is going mainstream. As Politico puts it, “the technical rules that were once solely the province of tax wonks in D.C. and Paris

Latest Updates Originally published on June 12, 2023, this analysis was updated on July 25th to include additional examples and details on itemizers. See Full Timeline House Republicans have proposed three new tax bills packaged as the American Families and Jobs Act that would temporarily extend certain business provisions from the Tax Cuts and Jobs

Latest Updates Post was updated to reflect recent developments. Originally published. See Full Timeline The Spanish election results are moving the country away from pro-growth tax reforms while launching the government’s tax agenda, and the agenda of the Spanish presidency of the Council of the European Union, into uncertainty. Despite gaining 16 more seats than

Germany‘s finance minister, Christian Lindner (FDP), recently unveiled significant elements of the federal government’s tax reform proposal. With an estimated fiscal cost of EUR 6 billion, the proposal will comprise over 50 policy changes aimed at improving the country’s tax system. Two key provisions include enhancing the treatment of corporate losses and introducing an investment premium

“The hardest thing in the world is to understand the income tax.” — Albert Einstein Every now and then, we are reminded that taxes can be complex and confusing, and understanding tax policy is an endeavor all its own. Even those of us who work at the Tax Foundation are not immune to this reality.

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The tax information you need all in one place. We’ve put together a master list of helpful articles for your tax situation, whether you’re preparing to file, in the process of filing, or waiting for your refund. If you’re self-employed, we have a section for that too. Let’s dive right in. Individual filers Stage 1:

The IRS recently announced that it will delay the $600 threshold for Form 1099-K by one year. While this means you may get a reprieve for tax year 2022, many more eBay sellers will begin receiving Form 1099-K next year during the 2023 tax season. Because of this, eBay has put together a handy guide

The tax treatment of U.S. businesses is a complicated and onerous process for tax preparers, revenue officials, and business owners alike. The tax system treats businesses differently based on their legal form, produces economic distortions, taxes income multiple times, and creates complexity and uncertainty for taxpayers. Even though business taxation has changed in the last

West Virginia’s long road to tax relief was beginning to feel older than the trees, but after many years of efforts, the state’s lawmakers are finally taking home a win. Under an agreement reached over the weekend and pending final action in the House, lawmakers and Gov. Jim Justice (R) reached a deal that will

Keen technophiles may recall that the internet is “a series of tubes” (not a “big truck”), and sometimes those tubes get congested. The late Sen. Ted Stevens (R-AK) fretted about streaming services crowding out other data packets. The analysis is highly technical, but do your best to follow: “Ten movies streaming across that internet and

Key Findings Although most states forgo local income taxes, they are a significant source of local tax revenue in six states and at least a modest source of revenue in 10 others. Some use state definitions of income, while others define income separately or make modifications to the state base. Localities that “piggyback” on the

One month following California’s implementation of a state-wide flavored cigarette ban, tax-paid cigarette sales dropped 17.3 percent. More than 5.6 million fewer packs were sold in January 2023 than in January 2022. On an annual basis, California will likely see revenues fall by more than $300 million. We previously estimated that a menthol ban in

Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is updating your Form W-4 with your employer. Should I fill out a new W-4 when married? Yes! Your W-4 tells your employer how much tax

Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is. For example, taxes on income can do more economic harm than taxes on consumption and property. Countries across the Organisation

Tennessee joined the ranks of no-income-tax states in 2022 with the phaseout of the Hall Tax on interest and dividend income. But with other states upping their game to attract ever-more-mobile people and businesses, lawmakers and the governor are not content to leave Tennessee’s business taxes in their current, uncompetitive form. Gov. Bill Lee (R)

(a) Local income taxes are excluded. Eleven states have county- or city-level income taxes; the average rates expressed as a percentage of AGI within each jurisdiction are: AL–0.10%; DE–0.16%; IN–0.61%; IA–0.11%; KY–1.31%; MD–2.38%; MI–0.17%; MO–0.21%; NY–1.59%; OH–1.56%; PA–1.22%. In CA, CO, KS, NJ, OR, and WV some jurisdictions have payroll taxes, flat-rate wage taxes, or

Did you receive a 1099-K tax form this year? If you’ve never seen this form before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any necessary income. How do I use my 1099-K when filing my tax return?

Following international agreement on Pillar Two, the European Union unanimously adopted a directive implementing the global minimum tax in December 2022. The following month, the Organisation for Economic Co-operation and Development (OECD) released revenue estimates to assess the real impact of the tax on public finances. The global rules are designed to raise revenue, but