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While there are many factors that affect a country's economic performance, taxes play an important role. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. [...]
How does tax policy shape a nation's competitiveness? Today, we’re diving into the showdown between the US and China, exploring how China’s enticing tax incentives pose a formidable challenge to America’s economic supremacy. [...]
On tax policy, Harris carries forward much of President Biden’s FY 2025 budget, including higher taxes aimed at businesses and high earners. She would also further expand the child tax credit (CTC) and various other tax credits and incentives while exempting tips from income tax. [...]
States that tax GILTI increase filing complexity, drive up the cost of tax compliance, and introduce unnecessary economic uncertainty and legal risk. 21 states and DC continue to tax GILTI despite these challenges. [...]
Trump’s proposal would bring the US more in line with most other developed economies, which tax only those who live and work within their borders. [...]
Are you wondering why you owe so much in taxes this year? Want to make sure your tax bill is correct and not pay more than you owe when you file your federal tax return come tax season? At a glance: Common reasons for owing taxes include insufficient withholding, extra income, self-employment tax, life changes, […] The post Why Do I Owe Taxes To The IRS? appeared first on TaxAct Blog. [...]
At a glance: The IRS treats cryptocurrency as property for tax purposes. Holding cryptocurrencies for less than a year may result in short-term capital gains tax, while holding for over a year may incur long-term capital gains tax. Your tax filing status and taxable income will determine your tax bracket and the tax rate on […] The post Bitcoin Tax Calculator appeared first on TaxAct Blog. [...]
Updated for tax year 2024. No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining. But becoming a Mega Millions or Powerball jackpot winner doesn’t change everything. If you are the lucky winner, you […] The post Lottery Tax Calculator: How Your Winnings Are Taxed appeared first on TaxAct Blog. [...]
More to explore: Pro Tips for Separating Business and Personal Finances Homeownership & Taxes: 2021 Edition 11 FAQs About Estate Taxes and Inheritance Planning Are You a Freelancer? Get a Handle on Your Taxes The post How to Access Your IRS Account appeared first on TaxAct Blog. [...]
If you are a member of a cooperative who received patronage dividends last year, you might find yourself holding Form 1099-PATR this tax season. Not sure what to do with this form? We’ve got your back. In this guide, we’ll go over everything you need to know about Form 1099-PATR, including why you received it, […] The post Form 1099-PATR: What It Is and How to Use It appeared first on TaxAct Blog. [...]