Taxes

President-elect Donald Trump announced he would create a Department of Government Efficiency (DOGE), spearheaded by entrepreneurs Elon Musk and Vivek Ramaswamy, to find ways to save taxpayer dollars. Say what you will about the ability of Musk and Ramaswamy to build successful businesses, but it is likely that they have never encountered a challenge as

Updated for 2024. Stock options and stock purchase plans are a popular way for employers to pad an employee’s compensation outside of a paycheck. However, the Internal Revenue Service (IRS) still requires you to report those benefits on your tax return. To make tax time less stressful, here’s a quick breakdown of some popular employee stock

Blog February 6, 2024February 6, 2024 Treasury Finds TCJA Interest Limitations Had Small Impact on Corporate Activity Limiting interest deductibility continues to be a worthwhile policy goal, but given the current climate, policymakers should opt to pair any further limitations with other pro-growth policies such as full expensing to ensure firms’ incentives to invest are

Updated for tax year 2024. If you’re an employee, you’re probably familiar with federal income tax and other withholdings on your regular paycheck. But what happens when you receive a year-end bonus or other types of supplemental income? Understanding how your bonus is taxed can help you plan for the best outcome at tax time

Who Pays Federal Income Taxes? Latest Federal Income Tax Data Skip to content November 18, 2024November 18, 20246 min readBy: Erica York Table of Contents New Internal Revenue Service data for taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of

Filing taxes can be complex, especially for partnership business owners who need to file IRS Form 1065. If your business is a partnership or a multi-member LLC, you’re in the right place! This guide will walk you through what you need to know about Form 1065 — what it is, how to file it, and

Alabama Expands Tax-Free Overtime, Should Repeal Exemption Skip to content Home • Blog • Alabama Expands Tax-Free Overtime Eligibility, but Should Repeal Entire Exemption Before President-elect Donald Trump proposed it at the federal level, Alabama passed a law exempting overtime wages from taxes back in November 2023. Act 2023-421 (H.B. 217) excluded any amounts received

Running a small business like a corporation has plenty of perks, but let’s face it — corporate taxes can get complicated. This guide will give you a better understanding of Form 1120, U.S. Corporation Income Tax Return, and its accompanying schedules, including what each tax form is for and how to file it. Here’s what

State Drug Policy: Marijuana Legalization | Tax Foundation Skip to content Home • Blog • Momentum Slows for State Drug Legalization Policies via 2024 State Ballot Initiatives Drug policy was on the ballot in many states in 2024. Voters in Florida, North Carolina, and South Dakota considered legalizing recreational marijuana; voters in Nebraska had the

Estate and inheritance taxes are burdensome. They disincentivize investment and can drive high-net-worth individuals out of state. They also yield estate planning and tax avoidance strategies that are inefficient, not only for affected taxpayers but also for the economy at large. The handful of states that still impose them should consider gradually eliminating them or

Spain’s Poorly Designed Tax Policy Hurts Its Competitiveness Skip to content Home • Blog • Spain’s Poorly Designed Tax Policy Hurts Its Competitiveness Spain’s central government could learn some valuable lessons from its regional governments and other European countries about sound taxA tax is a mandatory payment or charge collected by local, state, and national

How Will the Trump Tariffs Impact the US Economy? Skip to content Home • Blog • How Will Trump’s Universal and China Tariffs Impact the Economy? President-elect Trump has promised to impose steep new taxes on trade, including a 10-20 percent tariff on all imports, at least a 60 percent tariffTariffs are taxes imposed by