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Understanding the “Who Pays?” Study by ITEP: A Comprehensive Overview of State and Local Tax Fairness The Who Pays? report, released by the Institute on Taxation and Economic Policy (ITEP), is a nationally respected study that closely examines how state and local tax systems impact families across different income levels. In its 7th edition, published … Read more
What Is a Tax Shelter? A tax shelter is a financial strategy or investment used by individuals or companies to reduce their taxable income, and in doing so, lower their tax obligations. These shelters are generally legal mechanisms that allow taxpayers to either reduce the amount of taxes they owe, delay the payment of taxes … Read more
How To Avoid Overlapping Taxes on Investments in USA Understanding and Managing Overlap in Investment Portfolios: A Guide to Smart Diversification When it comes to managing an investment portfolio, one of the most essential principles is diversification. Diversification helps reduce risk by spreading investments across various assets, sectors, and regions, thereby preventing any single poor-performing … Read more
State Tax Changes and Taxpayers Will Get a Break. 39 states will start 2025 with significant tax changes, including three states that will lower corporate income taxes, two that will adopt new first-year expensing provisions and nine that will lower individual income taxes (two of which will implement flat taxes). Major tax rate changes are … Read more
Some states with high commuter populations have reciprocity agreements, meaning that even if you travel across state lines for work, you are solely taxed by your home state. Taxes might be tricky if you work in one state and live in another. Additionally, state-by-state variations in the regulations might be substantial. Reciprocity agreements allow you … Read more
Benefits of Self-Employment You Must Need to Know. One fulfilling method to earn a living is through self-employment. To work for yourself and create a profitable business, you must be persistent, dedicated, and resourceful. Best of all, self-employment can offer many benefits in terms of work arrangements. Our definition of self-employment in this article Numerous … Read more
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for those who work for themselves. It is similar to the Social Security and Medicare taxes taken from the wages of most wage earners. Most wage earners have their Social Security and Medicare taxes calculated by their employers. Schedule SE, Self-Employment Tax, … Read more
Federal income tax rates are as follows: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Due to the Tax Cuts and Jobs Act of 2017, these rates will not change until 2025. Learn about your federal income tax bracket or brackets, how tax rates operate, and ways to reduce your tax liability in advance of … Read more
Tax Enforcement Using a Hybrid Between Self- and Third-Party. How tax information is recorded and validated is a key component of the enforcement mechanism, which is a fundamental component of all tax systems.1 This study examines how a straightforward documentation requirement that taxpayers must follow when reporting their information to the tax authorities affects tax … Read more
A tax levied upon the sale of an asset is known as a capital gains tax. For the 2025 tax year, the long-term capital gains tax rates are 0%, 15%, or 20% of the profit, contingent on the filer’s income. Key Takeaways Only once an investment is sold are capital gains taxes due. Only capital … Read more