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 […]
The Double-Edged Sword of Residing in States with No Income Tax
As taxpayers across the country navigate the complexities of their annual tax obligations, a growing number of Americans are exploring ways to reduce their financial burden. Specifically, many are considering relocation to states with no income tax to preserve more of their hard-earned money. This emerging trend has significant implications, both financially and demographically, as […]
Upholding Equity and Fairness in Tax Legislation: A Call to Action
In recent discourse, there’s been significant debate surrounding the decision to veto a comprehensive tax reduction proposal put forward by the legislature. This decision, rooted in a commitment to fairness and equity, seeks to ensure that tax policies serve the collective interests of all citizens, rather than benefiting a select few. It’s essential to understand […]
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 […]
2024 Tax Reform: Expanding Child Tax Credit and Business Benefits
In a significant bipartisan move, lawmakers announced a proposal on Tuesday that seeks to expand the child tax credit and extend crucial business tax deductions. The urgent goal is to secure Congressional approval before the commencement of the tax season on January 29. This collaborative effort, led by Sen. Ron Wyden (D., Ore.) and Rep. […]
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., […]
5 Easy Ways to Fight the Urge to Borrow Against Your Tax Refund
5 Easy Ways to Fight the Urge to Borrow Against Your Tax Refund Sometimes we need money as soon as possible but borrowing money is not always a good idea. Taking out a loan based on the money you’re expecting to get back from the government sounds harmless. Tax refund anticipation loans, or RALs, are […]
Tax Fraud Queen Sentenced to 21 Years in Prison (VIDEO)
“Tax Fraud Queen” Sentenced to 21 Years in Prison Tax fraud has always been a problem, and with the growth of the internet the identity theft business has been booming. One particular case sticks out from the rest. Self-proclaimed “Tax Fraud Queen” Rashia Wilson posted on social media sites like Facebook, Twitter, and Instagram that she […]