Taxes

Raising kids is expensive. Thankfully, becoming a parent comes with some valuable tax breaks — most notably, the Child Tax Credit (CTC). What is the Child Tax Credit? The CTC is a tax credit for parents of dependent children designed to help offset the cost of raising kids. For tax year 2021, the CTC is

The Internal Revenue Service has started sending letters to taxpayers who received advance Child Tax Credit (CTC) payments or the third round of stimulus checks. If you received both or either of these payments, keep an eye on your mailbox and hold onto these IRS letters! They will help you file an accurate income tax

New to small business taxes and all they entail? In this article, we’ll cover some of the most frequently asked small business tax questions, such as what you can and can’t deduct on your tax return, how to save for retirement, and more. Let’s dive right in! What small business expenses can I deduct? As

Curious about the business tax deadlines that you should mark on your calendar this tax season? Here’s what small business owners need to know. Deadlines for filing small business tax returns There are different filing deadlines to be aware of depending on what type of business you have. Below are the key tax calendar dates

Ever since the U.S. first introduced the Child Tax Credit (CTC) in 1997, Puerto Rican residents with taxable income have been eligible to claim payments for their children — but there was a catch. In previous years, families in Puerto Rico also needed to have at least three children to qualify for the credit. This

Just like last year, Washington lawmakers will consider a bill (HB 1676) which would change the vapor tax base and increase the tax rate on vapor products. Both these changes would be steps in the wrong direction, as they would negatively impact smokers’ decision to switch from more harmful combustible products to harm-reducing vapor products.

Taxpayers and the Internal Revenue Service (IRS) are set to face a bumpy 2022 tax filing season, which the IRS announced will begin January 24th and run through April 18th. Two major challenges await taxpayers: a second year of navigating pandemic-related tax relief on their returns and IRS backlogs that may delay processing and refunds.

Key Findings Well-designed Net Operating Loss (NOL) provisions benefit the economy by smoothing business income, which mitigates entrepreneurial risk and helps firms survive economic downturns. Forgoing tax revenue in the short term affords businesses the opportunity to prioritize human and physical capital investment. Start-ups and industries with profits highly correlated to the business cycle are

Today’s map looks at how European OECD countries rank on cross-border tax rules and is the last in our series examining each of the five components of our International Tax Competitiveness Index (ITCI). Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of each country’s

Key Findings Twenty-one states and the District of Columbia had significant tax changes take effect on January 1, 2022 Five states (Arizona, Arkansas, Louisiana, North Carolina, and Oklahoma) cut individual income taxes effective January 1. The District of Columbia was the only jurisdiction to increase income taxes. Four states (Arkansas, Louisiana, Nebraska, and Oklahoma) saw

If you waited several months to receive your tax refund last year, you aren’t alone. In November of 2020, the IRS still had millions of tax returns left to process, meaning millions of taxpayers didn’t get their 2020 tax refunds until almost the end of 2021. We know your tax refund can be one of

A proposal to introduce a wholesale tax on vapor products in Alaska could make switching from combustible tobacco products very expensive for smokers. If enacted, HB 110 (SB 45) would, among other things, impose a 75 percent wholesale tax on nicotine vapor products (including components)—a rate comparable to the rate on other tobacco products and