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The new GOP Congress will have to decide how to tackle the looming expiration of 2017’s Tax Cuts and Jobs Act. [...]
The US government's $6.8 trillion budget is larger than the GDPs of Germany and Japan. Its roughly $2 trillion annual deficit is larger than the GDP of Mexico. And it has 441 agencies that employ more than 2.8 million civilian employees. [...]
Artificial intelligence has become an increasingly salient issue for governments. In Europe, the AI question already has turned from how we can embrace it to how we can tax it. [...]
In most European OECD countries, corporate income is taxed twice, once at the entity level and once at the shareholder level. [...]
New IRS data shows the US federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates. Average tax rates for all income groups remain lower after the Tax Cuts and Jobs Act (TCJA). [...]
Updated for 2024. Stock options and stock purchase plans are a popular way for employers to pad an employee’s compensation outside of a paycheck. However, the Internal Revenue Service (IRS) still requires you to report those benefits on your tax return. To make tax time less stressful, here’s a quick breakdown of some popular employee stock […] The post Your Complete Guide to Employee Stock Options and Tax Reporting Forms appeared first on TaxAct Blog. [...]
Updated for tax year 2024. Did you profit from selling a house, some investments, or even a car this year? If so, you’ll likely need to report the sale on your income tax return due to the long-term capital gains tax. Fortunately, if your sale qualifies as a long-term capital gain, the taxes are less […] The post Long-Term Capital Gains Tax: How Much Tax Will I Owe? appeared first on TaxAct Blog. [...]
Updated for tax year 2024. At a glance: Stock options and ESPP plans generate income in two categories: ordinary income and capital gains or losses. Calculate your gain or loss by subtracting your adjusted cost basis from the sales proceeds. Check your 1099-B for accuracy, compare it to your investment records, and adjust if necessary. […] The post If Income from ESPP/ISO Shares Sold Appears on W-2, Do I Need to Adjust Basis from Form 1099-B? appeared first on TaxAct Blog. [...]
Running a small business like a corporation has plenty of perks, but let’s face it — corporate taxes can get complicated. This guide will give you a better understanding of Form 1120, U.S. Corporation Income Tax Return, and its accompanying schedules, including what each tax form is for and how to file it. Here’s what […] The post Form 1120 Filing Guide: Corporate Tax Return & Schedules Explained appeared first on TaxAct Blog. [...]
Filing taxes can be complex, especially for partnership business owners who need to file IRS Form 1065. If your business is a partnership or a multi-member LLC, you’re in the right place! This guide will walk you through what you need to know about Form 1065 — what it is, how to file it, and […] The post IRS Form 1065: A Guide for Partnership Owners appeared first on TaxAct Blog. [...]