Stock Buybacks Receive Favorable Tax Treatment Even With Tax Code Change
Stock buybacks will see a tax code change after the Senate passed the Inflation Reduction Act of 2022, but the maneuver still receives favorable tax treatment.
Taxes
Market Realist has the latest news and updates on taxes including income tax, property tax, and estate tax, and how to file.
What Missouri’s Tax-Free Weekend Includes
Missouri’s tax-free weekend offers relief from sales tax on various items, such as school supplies, but price limits apply.
Georgia Allows Claiming an Unborn Child on State Taxes
Georgia (GA) allows claiming an unborn child as a dependent on state taxes. An expectant parent or parents claim a deduction of $3,000.
Schumer-Manchin Agreement Would Narrow Carried Interest Tax Loophole
Wealthy hedge fund managers shouldn’t be paying a lower tax rate than their employees. We'll explain the carried interest tax loophole further.
Elon Musk Paid a Huge Tax Bill in 2021 but Could Soon Get a Tax Break
Elon Musk has announced that he’ll be paying one of the largest tax bills in America. How much did the Tesla CEO pay in taxes this year?
Consumers Can Catch a Break From Inflation During Tax-Free Weekends
Tax-free weekends are a great time to stock up on food, clothes, and just about anything else. These some states with tax-free weekends.
Delaware Is a Popular Tax Haven For Businesses
Many of the top companies in the world are incorporated in the state of Delaware. Why is that, and what benefits does the state offer?
Do Religious Schools Pay Taxes? Yes and No
On June 21, the U.S. Supreme Court ruled that taxpayer dollars could be used to pay for religious schools. Do religious schools pay taxes?
Is Texas a “Donor State” in Terms of Federal Taxes?
Texas is one of the states that pays a higher proportion of federal taxes than most other states, which makes it less dependent on federal revenue.
Unique Tax Advantages of Trading Futures Contracts, Explained
Futures contracts have unique tax advantages that traditional stock trading can't provide. Here’s the rundown so you can plan your capital gains taxes.
Black Lives Matter’s Global Foundation Releases Tax Filing, Shows $42M in Assets
BLM taxes are in the news now that the Black Lives Matter Global Network Foundation has released its first public accounting of its finances.
Elon Musk Didn't Pay Federal Taxes in 2018 — Here's Why
Elon Musk announced that his tax liability is nearly $11 billion in 2021. How much did Musk pay in federal taxes in 2018? Let's see how taxes work for the billionaire.
Some States Have Taxes for EVs and Hybrid Cars — Consumers Aren't Happy
Electric and hybrid vehicles may be gas free, but they have their own fees. What states have a tax for hybrids and electric vehicles?
Blac Chyna Faces Tax Evasion, Case Against the Kardashians Continues
Blac Chyna's financial status is being called into question now that her court case against the Kardashians has begun. She's now being exposed for tax evasion.
Mailing in Your Federal Tax Return? Here’s Where It Should Go
Your state and other factors will dictate where your federal tax return needs to be mailed for the 2022 tax filing season. Here's how to figure it out.
Being Audited by the IRS Doesn't Always Mean You're in Trouble
People get audited by the IRS for different reasons. If selected, dont panic. Here's a look at what happens when the IRS audits you.
When the IRS Website Isn’t Working, Here’s What You Can Do
If you've run into trouble while using the IRS website, check to be sure you inputted all your information correctly — plus more tips when using irs.gov.
Make Sure to Have These Documents When Filing Taxes
Not having the right documents when filing taxes can lead to various errors and the possibility of you losing out on money. What documents are needed?
How to Join the Fight Against TurboTax Amid 2022 Lawsuit
The FTC is suing Intuit’s TurboTax. If you were misled by deceptive advertising, you may be able to join the TurboTax lawsuit one way or another.
Biden’s New Tax Plan for Billionaires, Explained
If approved, Joe Biden’s billionaire tax proposal could rake in hundreds of billions of dollars over the next few years. Here’s what the tax plan proposes.
What To Know Before Moving to States With No Taxes
Living in a state with no taxes can reduce your financial burden. This can make all the difference for retirement or paying off debt.
If You Only Got Half of Your Federal Tax Return, This May Be Why
If you expected more from your federal tax return, there could be a few reasons why. Here’s why you may have only received half of the amount on your return.
Even if You Had Zero Income, You Should Still File a Tax Return
Even if you had no income, it might be a good idea to file your taxes. Here's how to file a zero-income tax return.
What Assets Can't Be Depreciated? Here's What the IRS Says
Some assets can be depreciated, which means you can claim a portion of their value on taxes. However, there are other assets that can't be depreciated.
Your Tax Refund Could Be Smaller in 2022 for a Variety of Reasons
For most people, getting a tax refund is one of the most anticipated payments to get during the year. Why are some people getting a smaller tax refund in 2022?
Artwork Sales Incur Capital Gains Taxes, and Like-Kind Exchanges No Longer Help
Is art investment tax-free? Learn what capital gains taxes you’ll face if you sell artwork—and what tactics investors are using to get tax breaks.
What to Do If a Past Employer Isn’t Sending You a W-2 Form
Want to know how to get W-2 forms from past employers? See when to expect the tax document — and what to do if your former employer doesn’t send it.
NFT Taxes for Artists — How Ordinary Income Taxes Work
With NFT artists making millions of dollars around the world on their creations, artists can’t forget about NFT taxes. Here's what NFT artists can expect from income taxes.
Looking for Tax Breaks? Not All Political Contributions Are Tax-Deductible
When tax season arrives, many expenses are tax-deductible. Are political contributions tax-deductible? Here are a few things to consider before donating.
Interest on Your Home Equity Loan May Be Tax Deductible — Here’s How
Some homeowners may be able to list interest paid on a home equity loan as a tax-deductible expense for this year’s taxes. Here’s how it works.
When Are Nursing Home and Assisted Living Expenses Tax Deductible?
Are assisting living expenses tax deductible? What about nursing home costs? Learn more about when you can deduct these expenses on your tax return.
IRS Issues Guidance About Disaster-Related Distributions From Retirement Plans
What is a disaster distribution? Learn more about reporting income from disaster-related retirement plan distributions on your tax return.
Do 401(k) Withdrawals Count as Income? The Tax Implications, Explained
Some taxpayers are wondering if withdrawals from their 401(k) retirement savings plan are counted as income.
Are Property Taxes Paid In Advance or Arrears?
If you’re preparing to purchase a home, you may be wondering whether property taxes are paid in advance or arrears.
What You Need To Know About MUD Tax
If you live in a municipal utility district (or MUD), you’ll be required to pay tax to fund utility services.
IRS Free File Online and MilTax Make Tax Season Easier on Military Families
How do military members file taxes? The IRS’ Free File Online service and the Department of Defense’s MilTax service can streamline the process.
What to Know About Deducting Medical Expenses on Your Taxes
Most Americans want to pay as little as possible on taxes while staying above the law. That’s why deductions are so important. What portion of your medical expenses can you deduct?
Do You Pay Property Tax on Condos? Info on Condominium Expenses
Do you pay property tax on condos? Yes, condo owners pay property taxes in addition to homeowners association fees. Learn more here.
Union Dues and Their Tax Deductibility: All You Need to Know
As always, people are looking for ways to reduce their tax liability this season. Some want to know if union dues are tax deductible.
Some Grandparents Can Claim the Child Tax Credit and the EITC
Can grandparents claim the Child Tax Credit for 2021? Yes, if they’re eligible. They might also be eligible for the Earned Income Tax Credit, too.
Non-Profits Can Be Exempt From Property Taxes, Pressured to Pay PILOTs
Do non-profits pay property tax? Non-profit organizations with charitable purposes can be exempted — but can still face pressure to pay other payments.
Should You Pay Personal Taxes From Your Business Account? Probably Not
When it’s time to pay your personal taxes, should you dip into your business bank account? It depends on the situation, and here’s why.
How to Write Off COVID-19 Expenses On Your Tax Return
If you bought COVID-19 PPE items such as masks, gloves, and hand sanitizer, you may be wondering whether the expenses are tax deductible.
Is Property Tax Included in Your Mortgage Payment?
Most mortgage payments include property taxes, but you need to know what to do after you pay off the mortgage.
A Lot of Therapy Expenses are Tax Deductible
There are many ways to lower your tax bill, and some include claiming certain expenses. Is therapy tax deductible?
An Income Tax Refund May Count as Income — Here’s How
It’s tax season and many people are looking forward to getting a tax refund. Does a tax refund count as income when you file the following year?
The IRS Is Opening Tax Assistance Centers on Saturdays To Provide In-Person Help
Does the IRS work on weekends? Some of the agency's employees are during this year’s tax season. Here's more about the Saturday hours.
American Opportunity Tax Credit and Lifetime Learning Credit Explainer
The AOTC (American Opportunity Tax Credit) and the LLC (Lifetime Learning Credit) are both tax credits issued for eligible education expenses.
What Does “Tax Topic 151” Mean, and What To Do if This Is Your Refund Status
When checking your tax refund status, you may get a message to referring to "IRS Tax Topic 151." Is that good or bad?
Why Are Your Property Taxes Higher Than Your Neighbors’?
A lot of homeowners feel they pay too much in taxes. Why are property taxes so high?