Taxes

Updated for tax year 2024. Get ready to mark these important dates on your calendar. Here are the most important tax deadlines and due dates for taxpayers in 2025 — and answers to some common tax questions. Key tax deadlines What are the tax deadlines for 2025? Depending on your tax situation and what kind

Updated for tax year 2024. Most people don’t get into charitable giving purely for a tax benefit. However, the opportunity for tax savings is a nice perk for those who give back! If you itemize deductions on your federal tax return, the IRS permits you to deduct the cash value of any contributions or donations

FDA Cigarette Prohibition Would Cost $33B in Annual Tax Revenue Skip to content Home • Blog • FDA’s Proposed Cigarette Prohibition Would Cost $33 Billion in Annual Tax Revenue Last week, the US Food and Drug Administration (FDA) sent draft rules to the White House that would ban the sale of cigarettes as we now

Alternatives to Tariffs to Boost US Competitiveness | Testimony Skip to content Home • Testimony • Testimony: Alternatives to Tariffs to Boost US Competitiveness Note: The following is the testimony of Erica York, Senior Economist and Research Director at TaxA tax is a mandatory payment or charge collected by local, state, and national governments from

The moving companies’ datasets, while less robust than Census data—and undoubtedly influenced by these companies’ geographic coverage and relative market shares—show similar overall migration patterns. Unlike the Census data in the map above, which show the extent to which each state’s population grew or shrunk due to domestic net migration, the moving companies’ datasets show

Updated for tax year 2024. If your spouse receives disability benefits, it’s very likely that your financial situation has also been impacted. That’s why it’s important to understand what sections of the tax code apply to you and your spouse regarding disability taxes. Here are some tips to keep in mind if your spouse receives

McBride: Congress Must Simplify Tax Code | Op-Ed Skip to content Home • Op-eds • New Poll Shows Americans Think Tax Code Is Too Complex. This Year’s Tax Debate Should Fix That. President-elect Trump and the incoming Republican Congress already have a big agenda set for them this year, as the 2017 Trump taxA tax

If you’ve received IRS Form 1098, you might be wondering how it impacts your tax return. Whether you’re a borrower with mortgage interest or a student who paid qualified tuition payments or student loan interest, you may receive Form 1098 or one of its versions. Let’s review these forms, why you received one, and how

Taxes aren’t anyone’s favorite topic, but for nonprofit organizations, staying compliant with Internal Revenue Service (IRS) regulations is essential. IRS Form 990 is crucial for maintaining your tax-exempt status and staying transparent about how you use your funds. Thankfully, TaxAct® is here to help you file your Form 990 tax return without any unnecessary headaches.

Filing your federal income tax return for the first time can feel intimidating. It’s common to hear other taxpayers complain about the tax process, so it’s normal to feel a bit anxious about it. But don’t worry! Filing taxes for the first time isn’t as complicated as it may seem. Most first-time tax filers have

Illinois Tax Changes Effective January 1, 2025 Illinois will increase its franchise (capital stock) tax exemption from $5,000 to $10,000, effective January 1, 2025. Notably, however, Illinois had once been on track to eliminate this tax altogether, a policy that has since been paused. Illinois will also broaden its sales tax base to include retail

Updated for tax year 2024. If you’re planning to start a farm or already running one, you should know that tax laws for farms can be more complicated than you might think. Even seemingly simple write-offs like livestock can operate differently on your federal income tax return. But don’t worry — we have all the