As an immigrant or non-resident of the United States, it’s normal to have many questions about filing your taxes. Why should you file? What forms do you need? How could this affect me? The list goes on and on. Americans love to complain about filing their taxes — often with good reason. But the process
Taxes
The Council of the EU agreed this week on a general approach to the European Commission’s Carbon Border Adjustment Mechanism (CBAM) proposal. The mechanism is a key aspect of the EU’s broader Fit for 55 package which aims to cut 55 percent of net greenhouse gas (GHG) emissions in the EU by 2030. It’s also
When Iowa Gov. Kim Reynolds (R) delivered the Republican response to the State of the Union Address on March 1, she touted a state tax reform package on which the ink was barely dry: “Today, I signed legislation that eliminates Iowa’s tax on retirement income and sets our tax rate at 3.9 percent. That’s less
Nobody wants to drag out the tax filing process — just make sure you aren’t sacrificing accuracy for speedy filing. To help you avoid making any costly errors this year, we’ve put together six common mistakes taxpayers make when filing their federal tax returns so you know how to prevent them ahead of time. 1.
In his State of the Union Address, President Biden called for leveling the global research & development (R&D) playing field by increasing federal R&D spending, specifically by asking Congress to pass the bipartisan United States Innovation and Competition Act (USICA). While USICA proposes increasing government investment in R&D, it does not address a recent tax
This week’s map examines states’ rankings on the individual income tax component of our 2022 State Business Tax Climate Index. The individual income tax is important to businesses because states tax sole proprietorships, partnerships, and in most cases limited liability companies (LLCs) and S corporations under the individual income tax code. However, even traditional C corporations are
The Nebraska Revenue Committee recently heard LB1264, a bill to modernize Nebraska’s tax structure by reducing income tax rates, repealing the inheritance tax, modernizing the sales tax base, and eliminating most incentives. These reforms, promoted by various Nebraska stakeholders through the Blueprint Nebraska initiative, would substantially improve tax structure and competitiveness. Once fully phased in,
With gas prices soaring in March, Florida is preparing to give drivers a gas tax holiday—in October. A cynic might wonder why the gas tax holiday aligns so closely with election season (lawmakers cite other reasons), but in many respects, the timing is the least of the issues with Florida’s pending suspension of the gas
*Updated for tax season 2021 and 2022. Buying a home can help lower your tax bill in certain circumstances. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own homes. To get the maximum tax benefit from your home purchase, it’s important to understand what options are available
Last spring the Spanish government named an external tax reform committee to review environmental taxation, corporate tax, taxation of the digital economy, and harmonization of regional tax policies. The austerity policy plans tax hikes to close the 6.8 percentage point gap between Spain’s tax revenue and the Eurozone average as a percentage of Gross Domestic
This year’s state legislative sessions have been characterized by a focus on tax policy, with five states already enacting significant individual or corporate income tax reform. Lawmakers in Georgia aren’t interested in being left behind. While HB 1437 was previously a placeholder bill, the sponsors have now shared their plan to consolidate Georgia’s six individual
Your child has started earning their own money, but you’re still claiming them as a dependent. How will this situation affect your taxes? One of the most common tax questions parents have is if they should report their dependent child’s W-2 on their tax return or if the child should file their own return. Here’s