Taxes

Alternatives to Tariffs to Boost US Competitiveness | Testimony Skip to content Home • Testimony • Testimony: Alternatives to Tariffs to Boost US Competitiveness Note: The following is the testimony of Erica York, Senior Economist and Research Director at TaxA tax is a mandatory payment or charge collected by local, state, and national governments from

Illinois Tax Changes Effective January 1, 2025 Illinois will increase its franchise (capital stock) tax exemption from $5,000 to $10,000, effective January 1, 2025. Notably, however, Illinois had once been on track to eliminate this tax altogether, a policy that has since been paused. Illinois will also broaden its sales tax base to include retail

Updated for tax year 2024. As you get older, you may find you face more and more medical bills. No matter how great your insurance coverage is or if you are on Medicare, the out-of-pocket costs due to medical needs can add up. And if you or a loved one have a serious medical condition

Updated for tax year 2024. As a self-employed taxpayer, do you ever envy your traditionally employed friends at tax time? Having your own business as a freelancer or independent contractor definitely increases the record-keeping you must do for tax purposes. And when you’re digging through all your self-employed income tax records and business receipts, it’s

Updated for tax year 2024. If you and your significant other are living together without being married, you probably share many expenses. One of you may even be financially supporting the other. In such a scenario, you may wonder if you can claim your girlfriend or boyfriend as a dependent on your tax return to

The Earned Income Tax Credit (EITC) is a refundable tax credit designed in part to reduce the tax burden on low-income individuals and families both with and without children. As a fully refundable credit, if the amount of tax you owe is less than the credit amount you qualify for, you will be able to

Updated for tax year 2024. Have you ever lost money to a loan you’ll never collect? If you answered yes, the good news is you’re not alone. Many of us have lent money to a friend or relative at some point. And while the intent might have been good, there are times when things don’t

Updated for tax year 2024. Income tax forms are the official government documents the IRS requires you to fill out when you file your taxes. Usually, the more complicated your finances are the more tax forms you may need to fill out. On top of the federal tax forms, many states and cities (like Portland) have

If you are self-employed and work at home — even just part-time — you may claim a home office tax deduction for expenses related to your home office. Alas, if you’re an employee who has been working from home since the COVID-19 pandemic, that amazing home office tax deduction you’ve heard so much about does

You sold your house, an investment property, or something else of value. When do you tell the Internal Revenue Service (IRS)? While tax law can seem overwhelming for many Americans, we’re here to help you make sense of it. Below, you’ll learn how capital gains taxes work, when to make estimated tax payments, and how

Extending TCJA Economic Analysis: CBO & JCT Economic Models Skip to content Home • Blog • CBO and JCT Preview Economic Analysis of Extending TCJA The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) recently published macroeconomic (dynamic) analyses of extending the individual provisions of the TaxA tax is a mandatory payment

Welcome to the wonderful world of tax refunds, where the dollars you receive after filing taxes can either bring a smile to your face or leave you scratching your head. Taxes play a significant role in your financial life, and your annual tax refund can have a big impact. But how does it all work?