Taxes

Where Taxes May Head & The Future of The Tax Cuts and Jobs Act – Tax Policy
What taxes may look like heading into 2025 will be a challenge for individual taxpayers. The Tax Cuts and Jobs Act (TCJA), which passed in 2017, made tax rate cuts for businesses permanent, […]

Published On: November 20, 2024Categories: Taxes
Corporate Income Taxes Have Actually Been Increasing – Taxation
An escalating debate surrounding taxes imposed on U.S. corporations has evolved as the presidential election approaches. The federal government receives taxes from both individuals and corporations based on taxation rates and income calculations. […]

Published On: September 20, 2024Categories: Taxes
IRS Waives Penalties For Missed Inherited RMDs – Tax Planning
The IRS has recently extended relief for certain heirs regarding Required Minimum Distributions (RMDs) from inherited IRAs. The penalties for missed RMDs from inherited IRAs for the years 2020 through 2024 will be […]

Published On: June 18, 2024Categories: Retirement, Taxes
Average Tax Refund For 2024 Tax Season Larger Than Last Year – Tax Policy Update
The 2023 tax season, which began January 23, 2024, has so far seen over 90 million federal tax returns filed as of the end of March. The IRS tracks and monitors the number […]

Published On: April 18, 2024Categories: Taxes
Global Tax Rates On The Rise – Global Tax Policy
Governments worldwide rely on tax revenue in order to fund government expenses and operations. Tax policies and initiatives vary from country to country depending on the economic prosperity and health of the country’s […]

Published On: January 16, 2024Categories: Taxes
Year-End Tax Planning Activities – Tax Planning Overview
As year-end approaches, the importance of gathering necessary tax items is essential. Even though not much may have changed since 2023, it is always clever to have accurate estimates and tax items prepared […]

Published On: December 22, 2023Categories: Taxes
IRS Tax Rates & Limits For 2024 – Tax Planning Update
Update IRS limits and rates for tax year 2024 apply to income tax returns filed in 2025. Tax items for tax year 2024 affecting most taxpayers include the following: Standard Deduction: for married […]

Published On: December 21, 2023Categories: Taxes
Inflation Reduction Act Provides Tax Breaks For Environmentally Friendly Energy Projects – Taxpayer Focus
With Congress passing the Inflation Reduction Act (IRA) in 2022, consumers are expected to see new tax savings centered around environmentally-friendly energy. Throughout the ten-year plan, home renovations and upgrades are expected to […]

Published On: April 25, 2023Categories: Taxes
U.S. Taxes Lower Than Other Developed Countries – Taxation Overview
The notion that taxes in the United States are excessive compared to other countries, is somewhat misleading. Relative to other developed countries, the U.S. maintains some of the lowest tax rates globally. U.S. […]

Published On: April 24, 2023Categories: Taxes
Why Some Taxpayers Might See Smaller Tax Refunds This Year – Tax Planning
Some taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and the Child and Dependent Care […]

Published On: March 20, 2023Categories: Taxes