Updated for tax year 2024. With tax season coming soon, you may be wondering how you can reduce your taxable income. One smart place to start looking is your 401(k) plan. Here are a few ways your 401(k) can reduce your taxable income and save you money. At a glance: There are different types of
Taxes
Cigarette Smuggling Cost States Billions in Tax Revenue Skip to content Home • Blog • Cigarette Smuggling Cost States Nearly $5 Billion in Forgone Excise Tax Revenue Each Year TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government
Updated for tax years 2024 and 2025. If you sell items online or use third-party payment apps such as Venmo® or Cash App®, you’ve probably heard about new IRS reporting thresholds that were supposed to go into effect first in 2022, and then in tax year 2023. These threshold changes understandably caused much confusion among filers.
Updated for tax year 2024. At the beginning of every tax season, you receive informational tax forms in the mail from your places of employment, financial institutions, and organizations you did business with throughout the year that the Internal Revenue Service (IRS) wants to hear about. Two of those forms may look very similar if
Updated for tax year 2024. Knowing your way around IRS Form 1040 can make the tax filing process much easier. This guide will walk you through everything you need to know about Form 1040: what it is, how to complete Form 1040 accurately, and which related tax forms and schedules you might need. Let’s dive
Form 1120-S is a crucial tax document for small business owners of S corporations. If you’re an S corp owner, understanding how to fill out an 1120-S tax form accurately can help you avoid unnecessary headaches and make the most of your tax situation. Whether it’s your first time filing this form or you just
Skip to content Home • Op-eds • Out-Competing China Starts With The Tax Code December 5, 2024December 5, 2024By: Alex Muresianu Two provisions of the 2017 taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and
Extending the Tax Cuts: Budgetary Impact Discussion Skip to content Home • Blog • All About That Base(line) If Congress does not act, taxes will rise for millions of Americans on January 1, 2026, as the individual provisions of the TaxA tax is a mandatory payment or charge collected by local, state, and national governments
Interstate Migration and Tax Competitiveness Skip to content Home • Blog • Tax Competitiveness and Interstate Migration Recently, we published our updated and rebranded State Tax Competitiveness Index (STCI), which measures how well states’ taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover
Trump Tax Cuts, Tariffs, and Reconciliation | Tax Foundation Skip to content Home • Blog • Questions About Tax Cuts, Tariffs, and Reconciliation After the Election The clear election victory for Republicans means they will retake the White House, Senate, and (by a slim margin) the House next year, putting them in the driver’s seat
If Form 1099-SA showed up in your mailbox or inbox this year, don’t let it scare you. In this guide, we’ll break down what a 1099-SA form is, why you got it, and what you need to do next. By the end, you’ll know exactly how to report it on your income tax return and
How the Payroll Tax Base Has Changed Over Time Skip to content Home • Blog • How the Payroll Tax Base Has Changed Over Time The Social Security trust funds face looming insolvency if policymakers don’t reform the program. One issue that garners a lot of attention in the debate over solutions is the payroll