Taxes

You can receive Form 1099-K for a variety of reasons. How you report the income listed on your 1099-K depends on how you made that income, which can be confusing if you’ve never seen this form before. In late December 2022, the IRS delayed an anticipated change in 1099-K reporting thresholds that would have resulted

Earlier this week, the House of Representatives approved their rules package for the 118th Congress. One notable change to the rules will require the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) to produce estimates of the “budgetary effects of changes in economic output, employment, capital stock, and other macroeconomic variables” resulting from

If you engaged in crypto trading in 2022, it’s possible you could receive Form 1099-K this year. But what is this form telling you, and what should you do with it? Let’s break it down together. To make virtual currency trading more user-friendly, crypto exchanges (like Coinbase, Gemini, Kraken, etc.) have enabled their users to

Key Findings The value-added tax (VAT) is a major source of revenue for EU countries and is one of the EU’s own resources. For Member States, it represents on average 17.8 percent of their total tax revenue. For the EU, VAT revenue represented roughly 7.5 percent of its total revenue in 2021. While the European

Updated for tax year 2022. Campaign contributions total hundreds of millions of dollars, and they continue to rise. With this level of fundraising, one question is sure to come to mind: Are political contributions tax deductible? The short answer? No. Most political contributions, whether local, regional, or national, are not tax-deductible and haven’t been for years.

Newly published data from the Congressional Budget Office (CBO) indicates in 2019, before the onset of the pandemic, American incomes continued to rise as part of a broad economic expansion. It also shows that, contrary to common perceptions, the federal tax system is progressive. The data on household incomes and tax burdens also comes two years

Americans were on the move in 2022 and chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau population data and commercial datasets released this week by U-Haul and United Van Lines. The U.S. population grew 0.4 percent between July 2021 and July 2022, an increase from the previous year’s historically low rate of 0.1 percent. While

People often talk about the tax breaks that come with getting married — but that doesn’t mean unmarried people are out of luck when it comes to getting the most back on their taxes. In fact, there are several reasons why a single filing status may come in handy during tax refund season. To celebrate

Updated for tax year 2022. No matter what self-employment looks like for you, you’re responsible for ensuring the taxes on your net earnings are paid to the Internal Revenue Service (IRS). And the self-employment tax (SE tax) is part of that. Officially known as the Self-Employment Contributions Act tax, the SE tax is the self-employed community’s version of

Are you filing your taxes for the first time this year? Filing an income tax return may sound daunting, but the good news is that most teen tax returns are simple to do — you just need to familiarize yourself with some tax basics. Is a teenager required to file taxes? As a taxpayer, you

We get it; filing your taxes is a chore you’d rather not do. That’s why TaxAct® makes the tax prep process as seamless and easy as possible — and did we mention you can also file your basic federal return with us for free1? Is TaxAct’s offering actually free? With TaxAct, you have different filing

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