Taxes

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

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

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 (9.55 percent), Tennessee (9.547 percent), Arkansas (9.48

Note: The following is Tax Foundation testimony submitted to the Nebraska Revenue Committee ahead of the hearing on LB754 on February 2, 2023. Chair Linehan and Members of the Revenue Committee: As you consider providing tax relief to Nebraska residents, I appreciate the opportunity to share how reducing top marginal individual and corporate income tax

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

Forty-three states adopted tax relief in 2021 or 2022—often in both years—and of those, 21 cut state income tax rates. It’s been a remarkable trend, driven by robust state revenues and an increasingly competitive tax environment. But many observers doubted the trend could, or should, continue into 2023. It can. It should. It will. Lawmakers

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

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

Did your New Year’s resolution involve saving more money? If so, you’re not alone. Here are some tips for spending less in 2023 and the little things you can do to stick to your financial goals as we head into February and beyond. According to a WalletHub® survey, one in three Americans planned to make

Updated for tax year 2022 If you frequently drive your car for business purposes, you know how car expenses can quickly add up. And it’s not just the cost of gas, which fortunately has gone down from its high a few years ago. Every time you drive your car, you use oil, weaken your brake

New Internal Revenue Service (IRS) data on individual income taxes for tax year 2020 shows the federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates.[1] Average tax rates for all income groups remained lower in 2020, three years after the Tax Cuts and Jobs Act, than

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