Taxes

TaxAct makes it easy to do your own taxes. But sometimes, such as when you have unexpected changes to your finances or questions about new tax laws, you might want a little extra help without shelling out for an accountant. That’s where TaxAct’s Xpert Help comes in. Xpert Help bridges the gap between do-it-yourself tax

Table of Contents Key Findings Investment in research and development (R&D) is central for driving long-term technological change and innovation. The R&D tax credit and immediate expensing for R&D spending are two important ways the federal tax code provides incentives for R&D investment. The economic literature on the R&D tax credit suggests that it increases

Any time that you make an income, you are legally obligated to pay taxes. Income you earn while working a full-time job or as an independent contractor must be taxed. If you don’t pay it and the government finds out, you could be subject not only to taxes, but also to expensive fees, liens on

For the past two years, the Organisation for Economic Co-operation and Development (OECD) has been debating how to change the tax treatment of large multinationals so that countries can tax corporate profits not just where their headquarters, employees, and assets are but also where a company’s customers are located. The implications of such a change

The following is written testimony on Arkansas Senate Bill 484, submitted to the Arkansas Senate Committee on Revenue and Taxation. Chair Sample, Vice-Chair Dismang, and Members of the Committee: I regret that it is not possible to appear before you today as you consider Senate Bill 484, but in lieu of that, as you consider

This past year has been unprecedented, and it is no surprise that this tax season has been the same way. We are sitting down with TaxAct president, Curtis Campbell to discuss some of the issues facing Americans this tax season and how to navigate into 2021 with positive financial advice. Why is this tax season

As with capital investment, businesses cannot immediately deduct the full cost of inventory purchases against taxable income. Instead, the cost of inventories is deducted when sold. The deduction amount depends on the inventory valuation method. Today’s map shows which of the three main inventory valuation methods European OECD countries require their businesses to use for

Although Tax Day has been pushed back this year, mid-April is still a good occasion to take a look at tax collections in the United States. Because differing state populations can make overall comparisons difficult, today’s state tax map shows state and local tax collections per capita in each of the 50 states and the

Facebook fundraisers have become a popular, easy way to raise money for worthy causes. With the social media platform boasting an estimated 2.74 billion monthly users, people have been able to solicit support for organizations that support causes near and dear to their hearts. Facebook even takes the step to prompt users to set up

President Biden’s administration argues in the Made in America Tax Plan that corporate taxes should be raised to address a declining share of national income accruing to labor. The problem with the argument, which primarily relies on measures of gross domestic income, is it ignores that some income doesn’t accrue to workers or capital owners.

During the legislature’s special session in Maine, Rep. Joyce McCreight (D) has introduced a bill, H.P. 1039, which would double the excise tax on cigarettes to $4.00 a pack. By virtue of Maine law, all other tobacco products would also be subject to a 100 percent rate increase. This proposal has at least four major

At the beginning of the year, Sen. Jeanne Shaheen (D-NH) introduced the “End Taxpayer Subsidies for Drug Ads Act,” which would prohibit companies from deducting the costs of prescription drug advertisements directed at the public. However, the bill’s title is a misnomer: the deduction is not a tax subsidy. To start, the corporate income tax

The UK government has made “leveling up”—a push to boost economic performance in less thriving regions of the UK—one of its top policy priorities. The recent introduction of a UK super-deduction for capital investments in plant and equipment will likely contribute to this goal. Higher capital allowances for plant and equipment disproportionally help capital-intensive industries

America is known for its exceptionalism, but when it comes to corporate tax policy, the Biden administration is embarking on an uncharted course that will set the U.S. apart from global tax policy norms and best practices. The proposed changes to our corporate tax rules could make the U.S. a less attractive place to do

Have you ever wagered on sports or participated in daily fantasy sports? If you answer yes, you may have paid an obscure and little-known federal excise tax on sports betting. This month, Rep. Dina Titus (D-NV) and Rep. Guy Reschenthaler (R-PA) have reintroduced legislation, H.R. 2350, to repeal this tax. When the tax was introduced

Newly implemented county and regional taxes yield state and local top marginal tax rates in excess of 26 percent for many Portland small businesses, and if all of President Biden’s tax proposals were adopted, those owners could face all-in marginal rates of more than 80 percent, far and away the highest in the country going

Several states are considering introducing or increasing taxes on vapor products to make up declining tax revenue from traditional tobacco products or to fill budget holes in the wake of the coronavirus pandemic. However, lawmakers should approach the issue carefully because flawed excise tax design on vapor products could drive consumers back to more harmful

Ten months into New York’s just-ended fiscal year (most recent data), state tax revenue was actually up year-over-year. By a miniscule amount—it’s probably best to see FY 2021 revenue as essentially flat—but up nonetheless, it’s a curious backdrop for a proposal to raise both individual and corporate income taxes. If a tentative budget agreement goes

In West Virginia, both Senate Republicans and Gov. Jim Justice (R) have offered proposals for reductions to the state’s income tax. In both of the proposals, excise taxes on tobacco and nicotine products are part of the pay-fors that are supposed to make up revenue lost due to lower income tax rates. Given that West

What do Alabama, Kansas, Nebraska, Rhode Island, and South Dakota have in common? They’re the only states that did not adopt or implement some sort of tax cut in 2019 or 2020, based on NCSL tables on new revenue negative tax provisions (43 states) and Tax Foundation research on the implementation of previously-adopted phased tax