Everything change that you should know before filing your tax return. The information found here includes amounts changed in deductions, brackets, rates, etc.
The Trump Reciprocal Trade Act is a proposed piece of legislation championed by former U.S. President Donald Trump, aiming to reshape the global trade landscape by enforcing stricter reciprocity in tariff policies between the United States and its trading partners. The act is central to Trump’s broader economic vision of reducing trade deficits, boosting domestic … Read more
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, introduced sweeping changes to the U.S. tax code, many of which have had profound effects on charitable donations. By altering itemized deductions, increasing the standard deduction, and modifying adjusted gross income (AGI) limits for charitable contributions, the TCJA has redefined the incentives and strategies … Read more
If you sell alcohol in the State of Kansas, then you must pay a liquor drink tax. This tax is levied on alcoholic beverages like wine, beer, and liquor and is implemented at both the state and federal levels. The tax is passed on to the consumer in the form of higher alcohol prices. To … Read more
Earning a high income means paying more in taxes at both the federal and state levels. Graduated tax rates at the federal and local level make it even more important for high-income earners to optimize their financial planning strategy to mitigate their taxes. While some claim the rich don’t pay their fair share of taxes, … Read more
Renting has its benefits, including less hassle, the flexibility to move when your lease ends, and lower upfront costs. But it’s important to consider the long-term cost of renting vs. buying when deciding. Owning a home has the potential to provide significant financial returns and tax advantages over the long term. As a homeowner, you … Read more
An IRS tax forgiveness program can help taxpayers manage their back tax debt. These include installment agreements, offers in compromise, and currently not collectible status. Each program has different requirements and stipulations that must be met to qualify. It is important to speak with a tax professional who can evaluate your individual financial situation and … Read more
Founded in 2003, CAP is committed to improving the lives of all Americans through bold, progressive ideas and concerted action. Its research, media, and government relations initiatives are all designed to advance a more equitable society for all Americans. CAP also works to promote responsive government and social policy that empowers individuals and families to … Read more
The Securities Act of 1933 was Congress’ opening shot in the war against stock market fraud. It requires companies that offer securities to the public to disclose all material information. The law also allows the SEC to prosecute parties that violate federal securities laws and can issue civil penalties, cease-and-desist orders, and other sanctions against … Read more
The Tax Policy Center (TPC) is a nonpartisan think tank based in the United States that focuses on providing analysis, research, and insights on tax-related issues. It plays a crucial role in shaping tax policies by evaluating their potential impact on the economy, government revenue, and individual taxpayers. This article delves into some of the key tax … Read more
PAYGO is the congressional rule that requires any expansion of mandatory programs (like Medicare or food aid) to be offset with budget cuts or tax increases. PAYGO has bipartisan support in theory, but it’s easy for legislators to game the system. For example, procedural rules in the House and Senate allow low vote thresholds to … Read more