Taxes

Updated for tax year 2024. Here’s an updated look at what the IRS considers qualified expenses for education credits in 2023 and what other tax breaks are available for those investing in higher education. What education tax credits are available for college students? There are currently two higher education tax credits for students: the American

The moving companies’ datasets, while less robust than Census data—and undoubtedly influenced by these companies’ geographic coverage and relative market shares—show similar overall migration patterns. Unlike the Census data in the map above, which show the extent to which each state’s population grew or shrunk due to domestic net migration, the moving companies’ datasets show

Updated for tax year 2024. If you have to travel as part of being self-employed, you know traveling costs can add up fast. Fortunately, there are a few tax breaks available for deducting travel expenses. Follow this quick guide to learn how to lower your tax bill with business travel deductions. Business mileage vs. business

Updated for tax year 2024. If you’re self-employed and have many different business activities or side hustles, it can be confusing to know how to report them all on your taxes. There are certain rules you need to follow, like grouping similar activities together and keeping different ones separate. Let’s take a closer look at

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