Taxes

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

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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

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,

New York Governor Kathy Hochul (D) has her sights trained on tobacco. Earlier this month, she proposed increasing the New York cigarette tax rate by $1.00 a pack and extending New York’s existing flavored vaping ban to all other flavored tobacco products. If enacted, these policies would fuel black markets and create a fiscal hole for

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

Heading into the 2011 elections, only two of West Virginia’s 34 state senators were Republicans. Today, only three of them aren’t. The House of Delegates, which was comfortably Democratic until the 2014 elections, now has a Republican supermajority of 88 members to only 12 Democrats. It is the fourth-most-lopsided delegation in the country, after Wyoming

Value-added taxes (VAT) make up approximately one-fifth of total tax revenues in European Union countries. However, countries differ significantly in how efficiently they raise VAT revenue. One way to measure a country’s VAT efficiency is the VAT Gap—the difference between revenue that should be collected under an ideal VAT system and the amount that gets collected.  The difference

As Americans prepare to file their 2022 tax returns, the Internal Revenue Service (IRS) remains mired in a backlog of millions of returns from previous tax filing seasons. The National Taxpayer Advocate issued a warning to lawmakers in her annual report to Congress that the backlog creates “challenges for the 2023 tax filing season before