Taxes

The Nebraska Revenue Committee recently heard LB1264, a bill to modernize Nebraska’s tax structure by reducing income tax rates, repealing the inheritance tax, modernizing the sales tax base, and eliminating most incentives. These reforms, promoted by various Nebraska stakeholders through the Blueprint Nebraska initiative, would substantially improve tax structure and competitiveness. Once fully phased in,

This year’s state legislative sessions have been characterized by a focus on tax policy, with five states already enacting significant individual or corporate income tax reform. Lawmakers in Georgia aren’t interested in being left behind. While HB 1437 was previously a placeholder bill, the sponsors have now shared their plan to consolidate Georgia’s six individual

Your child has started earning their own money, but you’re still claiming them as a dependent. How will this situation affect your taxes? One of the most common tax questions parents have is if they should report their dependent child’s W-2 on their tax return or if the child should file their own return. Here’s

In many countries, investment income, such as dividends and capital gains, is taxed at a different rate than wage income. Today’s map focuses on how capital gains are taxed, showing how capital gains tax rates differ across European OECD countries. When a person realizes a capital gain—that is, sells an asset for a profit—they face

Working from home comes with many perks. Are tax deductions one of them? Ever since the COVID-19 pandemic made remote work a necessity, teleworking has become the new normal for many American employees. In fact, more teleworkers are now choosing to work remotely and increasingly say they prefer it to working in an office. So,

One of the best money moves you can make this year is maximizing contributions to your deductible or nondeductible retirement plan. Whether you’ve contributed all year or have yet to start, here are a few tips to get the most from tax-advantaged retirement plans. 1. Know your contribution limits. Try to contribute as much as the

I-R-A. Who knew three letters could be so daunting yet yield so many benefits for our financial lives? IRA stands for Individual Retirement Account. And if you’re like most people, you likely think it sounds like a fancy investment tool that is reserved for people with loads of money and an unattainable level of financial

Throughout the first year of the Biden administration, one tax policy theme was consistent. The President and Treasury Secretary Janet Yellen were focused on increasing the tax burden on U.S. companies—particularly multinational companies.  As Secretary Yellen put it last year, “It is about making sure that governments have stable tax systems that raise sufficient revenue

“Frothy eloquence neither convinces nor satisfies me,” the 19th century Congressman Willard Duncan Vandiver allegedly declared. “I am from Missouri. You have got to show me.” In the realm of tax policy and economic competitiveness, lawmakers from the Show-Me state are turning the old adage around. They are showing the rest of the nation how

Have you ever considered gold as an investment? Or maybe just as a hobby? In the days of instant online stock trading and financial accounts, sometimes money seems almost make-believe. Many of us no longer see our money as a tangible object. That’s why there’s something very satisfying and solid about investing in and wanting

One of the greatest challenges of lawmaking is recognizing when a beautiful theory must succumb to an ugly fact. The purity of conceptual policymaking must take the real world into account and acknowledge that things that work well “in theory” sometimes fail spectacularly to meet expectations “in practice.” It would be wonderful if a policy

This spring, the United States Food and Drug Administration (FDA) is expected to announce a national ban on menthol-flavored cigarettes and cigars with a characterizing flavor, an attempt to limit tobacco consumption, and, as a result, improve public health. But given the high level of taxation on tobacco products (on average, excise taxes alone make

There are many similarities between being self-employed and being a small business owner. Both allow you to be your own boss, for one thing! But in the eyes of the IRS, your formal business classification can mean very different things when it comes to filing your taxes and reporting your business income. Here’s how to

The global minimum tax has upended many conversations about international tax policy, including in the United States. The goal of the policy is to set a worldwide 15 percent minimum effective tax rate on corporate profits and enforce it through a set of interconnected rules. If enough countries adopt those rules, then even those that

In the coming weeks, we will break down our 2022 State Business Tax Climate Index, released in December, with maps illustrating each of the five major components of the Index: corporate taxes, individual income taxes, sales and excise taxes, property and wealth taxes, and unemployment insurance taxes. Today we look at states’ rankings on the corporate tax component, which accounts

Some people never received or didn’t get their full stimulus payment amount in 2021. If this applies to you, or if you gained any dependents in 2021, you might be able to claim the 2021 Recovery Rebate Credit — even if you don’t usually file taxes. Check out our FAQs below for general information on

You may have heard about new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, Zelle, etc. This has caused some confusion for app users, but we’re here to help you understand how it will (or won’t) affect your taxes next year. What’s changed? Until this year, payment platforms

Both taxpayers and the IRS will face some unique challenges when filing and processing federal tax returns for tax year 2021. To help you out, here are five tips that will help you avoid delays and ensure a smoother tax filing process for both sides. 1. Collect all tax documents before filing To file the

Key Findings The waning pandemic and robust economic recovery have come with many benefits—plentiful jobs and fast-growing (nominal) incomes—but also serious challenges such as high and rising inflation. Rather than pushing for more fiscal stimulus or leaving it to the Federal Reserve to handle inflation through higher interest rates, policymakers should focus on boosting the

There are very few tax breaks available for low-income adults who don’t have children. Thankfully, some important changes were made to the Earned Income Tax Credit (EITC) last year, making this vital tax benefit available to many more Americans. Wondering if you might qualify to claim this fully refundable tax credit in 2021? Read on