Taxes

This week, the Bureau of Labor Statistics (BLS) released data showing that the consumer price index (CPI) rose 0.5 percent in January compared to December 2022, reaching 6.4 percent over the prior 12 months. While inflation has trended down over the past six months, it will likely continue to be above the Federal Reserve’s target

The federal government is on track to run a $1.4 trillion deficit in fiscal year 2023, according to new projections from the Congressional Budget Office (CBO). Across the next decade (2024 through 2033), deficits will total more than $20 trillion, reaching an annual budget deficit of nearly $2.9 trillion in 2033. Completely balancing the budget

The value of Bitcoin and other cryptocurrencies has undoubtedly seen better days. But there’s a small silver lining — if you sold crypto at a loss in 2022, you might be able to save on your tax bill this year. What is the definition of cryptocurrency? Cryptocurrency differs from traditional currency, like the U.S. dollar,

European countries—like almost all countries around the world—require businesses to pay corporate income taxes on their profits. The amount of taxes a business ultimately pays on its profits depends on both the corporate tax base and the corporate tax rate. Today’s map shows how statutory corporate income tax rates compare across European OECD countries. Taking

Governors and legislators have initiated income tax rate-cutting conversations in at least 18 states—and in about a dozen of those states, there may be some real traction behind the efforts. That makes for a stark contrast with another set of states in which policymakers are keen on hiking taxes on high earners and increasing the

Key Findings The federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way. This report provides an analysis of the key features

Each year, the Joint Committee on Taxation (JCT) releases a report on the tax expenditures in the U.S. tax code. The report can be useful, particularly for looking at trends over time, but defining which tax provisions count as tax expenditures is a fraught process. As such, simply eliminating all tax expenditures would be misguided,

Are you unsure about your tax situation this year? Not to worry. We’ve put together a list of tax calculators to help you crunch your tax numbers for 2022. Check out our extensive calculator list below and learn how to calculate your AGI, self-employment tax, crypto taxes, and more. Go-to tax calculators Refund Booster1 and

You might get a consolidated 1099 tax statement this year if you received taxable income from investments. Here’s what this form is telling you and how to report your 1099 income to the IRS in TaxAct®. What is a consolidated 1099 tax statement? A consolidated Form 1099 combines five separate 1099 forms into one tax

Did you know that collectible sales come with their own tax rules? Here are the tax implications of selling collectibles and how to report the sale of a collectible asset on your income tax return. Does selling collectibles count as income? Yes, selling collectibles on eBay or a similar site counts as income that you

The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s review why we get a

A new tax expenditures report by the Joint Committee on Taxation (JCT) reveals two problematic developments: 1) policymakers have increasingly relied on the tax code to deliver benefits to individuals, and 2) the broad, neutral tax treatment of investment has shifted to targeted subsidies for businesses. Tax expenditures are often akin to “spending through the

Get ready to mark these dates on your calendar — here are the most important tax deadlines and due dates to be aware of in 2023 (and answers to some common questions). When are taxes due? In 2023, Tax Day falls on April 18. This is the deadline for filing your taxes as a calendar

If your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet. This uncertainty is unfair to taxpayers. Tax experts have long known that the taxability of state rebate payments would be an issue, but the

Tax policy will reportedly be featured in President Biden’s State of the Union Address tonight, but rather than offer a vision of how the tax code could be simplified or reformed to address today’s economic challenges, the President will outline three proposals that will add to the ever-growing maze of complex, narrowly-targeted tax rules. Raising

Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.550 percent), Tennessee (9.548 percent), Arkansas (9.46

Updated for tax year 2022. There’s no doubting it — having kids is expensive. Between paying for diapers, daycare, and many other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate some financial responsibility. 1. Child Tax Credit The Child Tax Credit (CTC) is

Note: The following is Tax Foundation testimony submitted to the Nebraska Revenue Committee ahead of the hearing on LB754 on February 2, 2023. Chair Linehan and Members of the Revenue Committee: As you consider providing tax relief to Nebraska residents, I appreciate the opportunity to share how reducing top marginal individual and corporate income tax

Forty-three states adopted tax relief in 2021 or 2022—often in both years—and of those, 21 cut state income tax rates. It’s been a remarkable trend, driven by robust state revenues and an increasingly competitive tax environment. But many observers doubted the trend could, or should, continue into 2023. It can. It should. It will. Lawmakers

Don’t worry – the IRS doesn’t want to tax every last cent you earn. In fact, the department offers a standard deduction — a gift! — to all taxpayers based on their filing status. Here are the standard deduction rates for the 2022 and 2023 tax seasons: Filing status 2022 standard deduction 2023 standard deduction