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Windfall taxes, particularly those imposed on the oil and gas industry, often appear as a quick fix for governments seeking to raise revenue during periods of high commodity prices. However, while these taxes may offer short-term revenues, they can also trigger negative consequences that undermine their intended purpose. [...]
In 2022, incomes for the bottom 80 percent of earners were slightly lower after taxes and transfers compared to 2020 and 2021, driven by expiring pandemic-era policies. [...]
The total amount refunded as of the sixth week of reporting is running ahead of the past filing season by nearly $23 billion at $202.6 billion compared to $179.5 billion, while the average refund is up 10.9 percent at $3,571. [...]
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). [...]
The proposed California wealth tax could be levied on founders' voting interests in their companies, despite the initiative's drafters insisting otherwise. [...]
If you happened to trade stocks, cash out cryptocurrency, or sell real estate or other capital assets during the tax […] The post Schedule D: Your Guide to Reporting Capital Gains and Losses appeared first on . [...]
If you rely on tips as part of your paycheck, you’ve likely heard about the new no tax on tips […] The post No Tax on Tips: What Tipped Workers Need to Know About the New Deduction appeared first on . [...]
Updated for tax year 2025. If a creditor cancels your debt, that’s good news, right? Such cancellation of debt usually […] The post Is Canceled Debt Taxable? appeared first on . [...]
Did you receive Form 1099-INT this tax year? Here’s what is included in this important tax document and how you […] The post Form 1099-INT: What It Is and How to Use It appeared first on . [...]
If there’s one thing many of us don’t want to see in our mailbox, it’s a letter from the Internal […] The post 5 Reasons to Stop Worrying About a Tax Audit appeared first on . [...]