How Have Federal and State Taxes Have Changed Over the Years?
Taxes are how the government collects money to pay for various services, like schools, roads, and public safety. Over the years, both federal and state taxes in the United States have undergone significant changes. This article will explore how these changes have shaped the way taxes are collected and used today. Early Beginnings of Taxes […]
Why Do We Need to File Taxes Every Year? Is it Necessary?
Filing taxes is a fundamental civic duty that supports the very structure of society. Although it may often seem like a tedious task, the act of filing taxes plays a crucial role in maintaining public services and infrastructure, fostering economic growth, and ensuring the proper functioning of government. Below, we’ll explore why filing taxes is […]
How to Secure a $7,500 Tax Credit on New Clean Vehicles
In a move to boost cleaner transportation options, the recent updates to tax incentives now include significant benefits for those investing in new plug-in electric vehicles (EVs) or fuel cell vehicles (FCVs). If you’re stepping into the future with a purchase in 2023 or beyond, here’s what you need to know to capitalize on the […]
IRS Announces Important Changes Impacting Tax Filings
The Internal Revenue Service (IRS) is embarking on a significant recruitment drive, aiming to onboard thousands of new auditors. This move is strategically designed to clamp down on tax evasion among the affluent. However, the implications of this initiative extend beyond the wealthy, encompassing small businesses and individual taxpayers as well. It’s imperative for all […]
2024 Tax Breaks: 14 States Slash Individual Income Taxes
In 2024, taxpayers in 14 states are poised to experience financial relief due to reduced individual tax rates. This development, as analyzed by the Tax Foundation, a prominent think tank focused on tax policy, marks a significant shift in state-level taxation strategies. Originating during the pandemic era. When many states reported surplus tax revenues, this […]
California Tax Refund: Estimating the Waiting Period for Taxpayers
Tax season can be a stressful time for many, but the anticipation of a tax refund often serves as a silver lining. Understanding when to expect your refund is crucial for planning purposes. The process begins early in the year, with California’s Franchise Tax Board opening up for returns as soon as January 2. Following […]
The Most Common Reasons Tax Returns Get Audited
“Only about 1% of taxpayers are audited. What triggers an audit is generally something on the tax return that’s out of the ordinary,” he says. “For example, if you have a side business and file a Schedule C, the IRS will flag large losses, particularly if they offset other income. The IRS is looking to […]
10 Most Tax-Friendly States in the U.S.
10 Most Tax-Friendly States in the U.S. Given a choice of several job opportunities across the country, or several contiguous states in which to live for a job in the area, don’t overlook the impact of state and local taxes on your household finances. These ten states impose some of the lowest taxes in the U.S., […]
IRS Budget Cuts May Make For A Nasty Tax Filing Season
IRS Budget Cuts May Make For A Nasty Tax Filing Season The Internal Revenue Service on Tuesday began accepting tax returns electronically, and paper returns will begin to be processed at the same time. In a statement, the IRS reminded taxpayers that filing electronically is the most accurate way to file a tax return and […]
Summary of Federal Tax Law Changes for 2010-2016
Learn how federal tax law changes could impact your tax return in 2010 and beyond. Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. To help you determine how these tax laws affect your long-term planning, this article explains […]