Taxes

The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s review why we get a
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Get ready to mark these dates on your calendar — here are the most important tax deadlines and due dates to be aware of in 2023 (and answers to some common questions). When are taxes due? In 2023, Tax Day falls on April 18. This is the deadline for filing your taxes as a calendar
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Tax policy will reportedly be featured in President Biden’s State of the Union Address tonight, but rather than offer a vision of how the tax code could be simplified or reformed to address today’s economic challenges, the President will outline three proposals that will add to the ever-growing maze of complex, narrowly-targeted tax rules. Raising
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Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.550 percent), Tennessee (9.548 percent), Arkansas (9.46
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Updated for tax year 2022. There’s no doubting it — having kids is expensive. Between paying for diapers, daycare, and many other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate some financial responsibility. 1. Child Tax Credit The Child Tax Credit (CTC) is
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Don’t worry – the IRS doesn’t want to tax every last cent you earn. In fact, the department offers a standard deduction — a gift! — to all taxpayers based on their filing status. Here are the standard deduction rates for the 2022 and 2023 tax seasons: Filing status 2022 standard deduction 2023 standard deduction
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More than 170 countries worldwide—including all European countries—levy a Value-Added Tax (VAT) on goods and services. As today’s tax map shows, EU Member States’ VAT rates vary across countries, though they’re somewhat harmonized by the European Union (EU). The VAT is a consumption tax assessed on the value added in each production stage of a
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The rate of inflation has slowed markedly in recent months, even declining slightly in December—but at year’s end, prices were still 14.6 percent higher than they were two years prior. That’s the fastest inflation rate over any two calendar years since the stagflation era of the late 1970s. State policymakers are understandably interested in bringing
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Last week, the Organisation for Economic Co-operation and Development (OECD) released new revenue estimates for the global minimum tax and other significant changes to the international tax system. The headline number for Pillar Two’s global minimum tax: $220 billion. This is comparable to the total U.S. corporate tax receipts from 2019 and 2020 ($230 billion
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Our Mileage Reimbursement Calculator helps to determine the compensation of travel while you are on official business. This amount is calculated as a baseline or minimum by IRS to ensure employees are fairly compensated for their travel expenses. Mileage Reimbursement Basics If you frequently drive your car for work, you can deduct vehicle expenses on
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Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Four states—Alaska, Illinois, Minnesota, and New Jersey—levy top marginal corporate income tax rates of 9 percent or higher. Eleven states—Arizona, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, Oklahoma, South Carolina,
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