Taxes

Back-to-school shopping can put a serious dent in your bank account. In fact, parents plan to spend close to $700 on supplies this year according to a survey conducted by the National Retail Federation. Before you run to the store to start shopping, read these eight savings tricks to help you keep more of your

The current version of the reconciliation bill—the Build Back Better Act—attempts to walk a fine (politically imposed) line: raising hundreds of billions of dollars from higher corporate taxes without raising the corporate tax rate. The centerpiece of this effort is the book minimum tax, a new alternative minimum tax applied to the financial statement income

For many people, passive income sounds like the dream. After all, who doesn’t want to earn extra income on autopilot? Especially in 2022, as we are all dealing with the effects of high inflation rates. Let’s look at what society considers to be passive income, how to get started earning passive income, and how much

As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue in the IRA. The minimum book tax puts one of the

If making money with minimal effort is a financial goal of yours, passive income just might be the answer. But what exactly counts as a passive activity from a tax standpoint? Let’s look at the different ways the IRS says you can earn passive activity income and how it affects your taxes. What is passive

In the rush to pass the Inflation Reduction Act, which features an ill-conceived tax on the book income of U.S. corporations, it is worth reminding policymakers of a well-established finding in the economic literature: that among all the major ways to raise revenue, increasing the corporate tax is the most economically destructive due to its

Key Findings Seventeen states will hold a sales tax holiday in 2022, down from a peak of 19 in 2010 and unchanged from last year. Sales tax holidays do not promote economic growth or significantly increase consumer purchases; the evidence (including a 2017 study by Federal Reserve researchers) shows that they simply shift the timing

High inflation got your stress levels up? Here are some savings and investment strategies you can use as an inflation hedge to protect your money’s value as prices soar. Inflation calculator Calculate the spending power of in Year Compared to Year It would be Calculate What is inflation? As many of us have experienced firsthand

Imagine a worker who gets a raise and ends up paying in tax more than 50 percent of that raise. This is the case for a Canadian worker who earns CAD 48,124. With an increase in pay of CAD 822, he would face a 59 percent marginal tax rate. This Canadian worker will end up

With the Indiana General Assembly gaveled in this week for a special session called by Gov. Eric Holcomb (R), one of the issues is how to allocate portions of the $6.1 billion budget surplus for the fiscal year that ended June 30. The House, Senate, and governor agree that some of the extra revenue should

As the reality of a second quarter of negative economic growth settles in Washington, the Congressional Budget Office (CBO) released its own sobering report on the government’s long-term finances. The CBO long-term budget outlook report shows widening deficits over the next three decades as both federal spending and tax revenues are expected to rise above

New Jersey’s proposed ban on the sale of menthol cigarettes (Assembly Bill 1989) would reduce excise and sales tax collections by as much as $243 million per year. And with the significant revenue loss, smoking rates are unlikely to decline. New Jersey lawmakers should look to the recent Massachusetts experiment to see what to expect