Taxes

Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is. For example, taxes on income can do more economic harm than taxes on consumption and property. Countries across the Organisation

One month following California’s implementation of a state-wide flavored cigarette ban, tax-paid cigarette sales dropped 17.3 percent. More than 5.6 million fewer packs were sold in January 2023 than in January 2022. On an annual basis, California will likely see revenues fall by more than $300 million. We previously estimated that a menthol ban in

Did you receive a 1099-K tax form this year? If you’ve never seen this form before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any necessary income. How do I use my 1099-K when filing my tax return?

This week, the Bureau of Labor Statistics (BLS) released data showing that the consumer price index (CPI) rose 0.5 percent in January compared to December 2022, reaching 6.4 percent over the prior 12 months. While inflation has trended down over the past six months, it will likely continue to be above the Federal Reserve’s target

(a) Local income taxes are excluded. Eleven states have county- or city-level income taxes; the average rates expressed as a percentage of AGI within each jurisdiction are: AL–0.10%; DE–0.16%; IN–0.61%; IA–0.11%; KY–1.31%; MD–2.38%; MI–0.17%; MO–0.21%; NY–1.59%; OH–1.56%; PA–1.22%. In CA, CO, KS, NJ, OR, and WV some jurisdictions have payroll taxes, flat-rate wage taxes, or

You might get a consolidated 1099 tax statement this year if you received taxable income from investments. Here’s what this form is telling you and how to report your 1099 income to the IRS in TaxAct®. What is a consolidated 1099 tax statement? A consolidated Form 1099 combines five separate 1099 forms into one tax

The federal government is on track to run a $1.4 trillion deficit in fiscal year 2023, according to new projections from the Congressional Budget Office (CBO). Across the next decade (2024 through 2033), deficits will total more than $20 trillion, reaching an annual budget deficit of nearly $2.9 trillion in 2033. Completely balancing the budget

The value of Bitcoin and other cryptocurrencies has undoubtedly seen better days. But there’s a small silver lining — if you sold crypto at a loss in 2022, you might be able to save on your tax bill this year. What is the definition of cryptocurrency? Cryptocurrency differs from traditional currency, like the U.S. dollar,

Following international agreement on Pillar Two, the European Union unanimously adopted a directive implementing the global minimum tax in December 2022. The following month, the Organisation for Economic Co-operation and Development (OECD) released revenue estimates to assess the real impact of the tax on public finances. The global rules are designed to raise revenue, but

Governors and legislators have initiated income tax rate-cutting conversations in at least 18 states—and in about a dozen of those states, there may be some real traction behind the efforts. That makes for a stark contrast with another set of states in which policymakers are keen on hiking taxes on high earners and increasing the

Did you know that collectible sales come with their own tax rules? Here are the tax implications of selling collectibles and how to report the sale of a collectible asset on your income tax return. Does selling collectibles count as income? Yes, selling collectibles on eBay or a similar site counts as income that you

The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s review why we get a