Taxes

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
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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
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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
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The government of Hartford County, Connecticut is in line to receive $173 million in local aid under the American Rescue Plan Act (ARPA). There’s only one problem: the government of Hartford County doesn’t exist, nor do any of Connecticut’s other counties have county-level government despite being allocated a collective $691 million under the bill. The
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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
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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
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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
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The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation. Currently, 16 states (Alaska, Arizona, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New York, Oregon, South Dakota, Vermont, and Washington) and the District of Columbia have passed bills or approved ballot measures that allow for the
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President Joe Biden’s proposal to raise the federal corporate income tax rate to 28 percent would increase the combined average top tax rate on corporate income to 32.4 percent, highest in the Organisation of Economic Co-operation and Development (OECD), reducing U.S. competitiveness and long-run economic growth. While the focus has been on the federal rate,
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