California Proposes $750 Million Film Tax Incentive to Boost Industry
California’s film industry has faced challenges due to labor issues and disruptions. To address this, Governor Gavin Newsom announced a plan to increase the state’s film tax incentive program to $750 million annually. This proposal, if approved, would more than double the current cap of $330 million, making California one of the most competitive states […]
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 […]
Don’t Get Taxed Out! Common California Tax Mistakes to Avoid
Tax time can be stressful, especially in California with its unique tax laws. Here are some common mistakes Californians make on their tax returns, so you can avoid them and save yourself money and a headache: Even the best of us can make typos or miss a decimal point. Double and triple check your math […]
California Taxes: How the Golden State Stacks Up
California has a reputation for high taxes, but is it really that bad? Let’s dive in and see how California compares to other states on the tax front. So, is California a high-tax state? It depends. They have high income taxes for the wealthy, but average sales taxes and property taxes that can vary depending […]
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 […]