The latest corporate tax reforms is a meticulously curated idea to ensure that the money that many stash away across the globe comes back home. There has been a drastic tax deduction of the corporate-tax rate; it has fallen from 35% to 21%. Not only does this move bring corporate tax below the rich-country average but also ensures that the money earned by the country’s corporate remain in the country.

Kiddie tax was first heard of when it was a part of the massive 1986 Tax Reform Act. It basically suggested that for the next 20 years, any income that was not earned by the child above a certain limit and who is below the age of 14, would be taxed at the same rate as his or her parents.

Retirement can be a little hard on your bank accounts considering the excessive tax rates prevalent in most states. Hence, when looking for a place to reside after retirement, it is necessary for retirees to find states that don’t charge any taxes on social security. Not just low taxes on social security, but there should be low income, sales, and property taxes too.

When you have a family, there is a certain expectation that your children will be your biggest source of strength that will never leave you and go. However, they might not due to education or work abroad or for family reasons. As a result, the burden of paying tax comes on the parents itself who are called as “empty nesters.” Here are many of those options for empty nesters to save tax.

Several countries with a federalist government structure divide the power between the federal government and the states. However, not all countries allow both to impose an income tax on the citizens. This case is unique to the United States. The United States, being a federal system that it is, collects tax at the federal level while also allowing the fifty states to collect tax as well.

As it is widely understood, getting tax refunds has a negative impression on your financial management as it shows that you overpaid on your taxes during that particular year. Despite this, most individuals look forward to tax refunds, as evident from the statistics; over 80% of taxpayers receive a refund with a massive amount of $2,872 per filer.

Marriage as it turns out changes not only you but how you pay your taxes too. If you choose to change your name as well as your place of residence after marriage, this is one of the first changes your income tax return form will see. Make sure that the information you put in this form and the records at the Social Security Administration (SSA) is the same.

So many things change for a person after retirement. There will be neither a regular job nor a regular income. But there will be a lot of time to meet friends, read books, take up a hobby, or travel to new places. Thus there will be a lot of leisure time to do everything that was put on hold due to jobs and other responsibilities and obligations.

While nobody likes doing their taxes, it’s something you have to do to keep the government running like a well-oiled machine. Taxes may be direct or indirect. Direct taxes are paid out by businesses and individuals on the basis of their income or earnings and cannot be legally avoided. Indirect taxes on the other hand are a little different, they are levied on goods and services which in turn bumps up their costs.

Property tax, also known as ad valorem tax, is levied on real estate and other property. Usually, local governments assess the property tax based on factors such as the property’s location and worth. Furthermore, failing to pay the property tax may result in a tax lien (a legal claim made by the government on the property), and in case of a sale, the government may receive some or all of the proceeds.

Unlike the traditional tax filing deadline of the 15th April every year, there was a slight respite this year with the deadline extended until April 18th. With federal income tax, state income tax, total income tax, earnings. And then there are specific ways to calculate these taxes based on your filing type, locations, and annual earnings to add to the complications.

Federal taxes are uniform across the country. However, taxes imposed by states varies throughout the country. Thus, some states impose a limited number of taxes on the residents, while others impose quite heavy taxes. Based on this, there are the least tax-friendly states and best tax-friendly states. If you are relocating, it is essential to know which states impose more taxes and which states impose the least taxes.