Taxes

The Earned Income Tax Credit (EITC) is a refundable tax credit designed in part to reduce the tax burden on low-income individuals and families both with and without children. As a fully refundable credit, if the amount of tax you owe is less than the credit amount you qualify for, you will be able to…

At the end of each year, policymakers face a series of expiring tax provisions that are typically extended on a temporary basis, setting up a recurring and almost ritualistic tax extenders season. At a time of heightened concerns about the economy, high deficits, and inflation, policymakers should prioritize stability and economic growth by making permanent…

Your tax return evolves with your career and financial situation — so what does tax filing look like for student-athletes earning (or not earning) NIL after graduation? Let’s look at a few scenarios to help you know what to expect once you graduate. Earning NIL after college Profiting from your name, image, and likeness (NIL)…

College athletes scored a win in 2021 when the NCAA changed its policy, granting student-athletes the right to profit from their name, image, and likeness (NIL). But can you still be claimed as a dependent if you earn NIL compensation? We’ve gathered some basic questions about NIL and how it could affect your taxes and…

As we near this year’s “lame duck” session of Congress, there has been renewed interest in child tax credit reform as part of a broader tax deal. One year after the expanded child tax credit originally enacted as part of the American Rescue Plan expired, policymakers are no closer to a consensus on where the child…

Thinking of switching online tax prep providers this year? Look no further. E-filing with TaxAct® gives you the tools and expert support you need to ensure you get your maximum refund*. After all, your tax refund is money you’ve already earned — we want to help you get it all back! 1. Pay up to…

Over the last six months, European perceptions of the Inflation Reduction Act have been a rollercoaster. European policymakers were hopeful that the Inflation Reduction Act would implement Janet Yellen’s Pillar Two commitment at the Organisation for Economic Cooperation and Development (OECD). But hope turned to disappointment when the final text was fundamentally different from Pillar Two….

Note: Originally published on November 8th, this post has been updated to reflect the results of recent cannabis tax ballot measures. Recreational marijuana taxation is one of the hottest policy issues in the U.S. Currently, 21 states (Alaska, Arizona, California, Colorado, Connecticut, Illinois, Maine, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New Mexico, New York,…

As Maryland’s elected comptroller, Peter Franchot (D) is technically the defendant in two cases challenging the state’s first-in-the-nation digital advertising tax, whether he likes it or not. These days, he doesn’t seem too happy about it. In a statement issued after a Maryland circuit court ruled against the tax on three separate grounds, Franchot said…

It’s time to review some important tax basics before the upcoming tax season. Here are seven things to remember when e-filing your federal income tax return this year — and how each could impact your refund amount. 1.       Life events As you go through the e-filing process, TaxAct® provides a sneak peek of your estimated…

Key Findings Starting in 2022 and continuing through 2026, businesses will face several tax changes scheduled as part of the Tax Cuts and Jobs Act (TCJA), including a switch to five-year amortization of R&D expenses, the gradual phaseout of 100 percent bonus depreciation, a tighter interest deduction limitation, and an increase in international tax rates….

On October 17, we released the International Tax Competitiveness Index 2022, a study that measures and compares the competitiveness and neutrality of all 38 Organisation for Economic Co-operation and Development (OECD) countries’ tax systems. In the coming weeks, we will illustrate how European OECD countries rank in each of the five components of the Index:…