What is a W-2 and W-4 Form and What is it Used For?
Income taxes are a fundamental part of financial life for workers in the United States. Every year, people file taxes to report their earnings and calculate how much they owe or how much they should get back. Two essential forms in this process are the W-2 and W-4. Here’s a simple guide to understanding these […]
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 […]
Ex-IRS Employee Sentenced to 5 Years for Disclosing Trump’s Tax Returns
Charles Littlejohn, a 38-year-old former IRS consultant, received a five-year prison sentence for unlawfully disclosing the tax returns of former President Donald Trump and thousands of other wealthy individuals to the media. This harsh sentencing by Judge Ana Reyes, a Biden appointee, reflects the gravity of what she termed “egregious” actions, which she equated to […]
This State Plans to Tackle Income Inequality with Higher Taxes on Wealthy Citizens
Vermont, recognized for its progressive stance on various societal issues, is now setting its sights on a bold new objective: implementing additional taxes specifically targeting the state’s wealthiest individuals. This move aims to address the escalating issue of income inequality, ensuring that those with substantial wealth contribute their fair share to the state’s economy. In […]
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 […]
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. […]
Tax Proposals from 2024 Presidential Candidates: An Overview
As the 2024 primary season approaches, candidates from both political parties have started to outline their tax proposals. However, the details remain scarce and largely undefined. This article examines the tax plans of Florida Governor Ron DeSantis, former South Carolina Governor Nikki Haley, former President Donald Trump, and President Joe Biden. Common Ground: Extending the […]
IRS Postpones New 2023 Reporting Rule for Payment App Business Income
The IRS has once again delayed implementing a new reporting rule that would significantly impact taxpayers receiving business income through payment apps and online marketplaces like Venmo, CashApp, Etsy, and Airbnb. Background of the Rule Change Originally part of the American Rescue Plan of 2021, the rule change aimed to lower the reporting threshold for […]
2024 Updated EV Tax Credits: Find Out Where to Get Your Discounts Now
The Internal Revenue Service (IRS) has updated the rules for electric vehicle (EV) tax credits as of January 1, 2024, presenting a mix of limitations and benefits for consumers. Decreased Eligibility but Immediate Benefits The primary change is the reduction in the number of vehicles eligible for the federal tax credits, with even fewer qualifying […]
Tax Essentials for Freelancers and Working From Home: What You Need to Know
Being self-employed means managing your own business and taxes, which can be a bit challenging but very rewarding. This article simplifies what you need to know about your tax responsibilities and how to file them, ensuring you stay compliant and potentially save money. Understanding Self-Employment Tax Self-employed individuals must pay self-employment tax in addition to […]