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You are here: Home / Archives for Tax Topics

State and Local Sales Tax Across the Map

Among the 46 states (and the District of Columbia) with a state and/or local sales tax, the combined state and average local sales tax rates range from about 1.8% to 10.2%. The sales tax base (defining what is taxable and nontaxable) can also vary greatly. Some states exempt groceries and/or clothing from the sales tax or tax them at a reduced rate. Five states have no statewide sales tax, and of those, only Alaska allows local sales taxes. Source: Tax Foundation, February … [Read more...]

Filed Under: Budget Spending Finance, Personal Finance, Retirement, Tax Topics

Tariffs: How They Work and Potential Economic Effects

On February 1, 2025, President Trump authorized an additional 25% tariff on all goods entering the United States from Canada and Mexico (except for a lower 10% tariff on energy resources from Canada) and an additional 10% tariff on all goods from China. Nine days later, Trump authorized a 25% tariff on steel and aluminum, effective March 12, which strengthened and elevated tariffs levied by the first Trump administration in 2018.1 These were the opening salvos in what promises to be a period of … [Read more...]

Filed Under: Business, Economy, Inflation, Recession, Tax Topics

Key Retirement and Tax Numbers for 2025

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2025. Estate, gift, and generation-skipping transfer tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2025 is $19,000, up from $18,000 in 2024. The gift and estate tax basic exclusion amount … [Read more...]

Filed Under: Estate Plan, Retirement, Tax Topics

Tax Preparation Checklist 2024

View, Download, or Print - Tax Preparation Checklist 2024 Tax Preparation Checklist - 2024 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs.   (Not necessary if we already have your unexpired IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & 1099-DIV) … [Read more...]

Filed Under: Forms & Worksheets, Tax Preparation Checklist, Tax Topics

Home Energy Rebates Could Save You Money

The Inflation Reduction Act of 2022 included two provisions allowing rebates for home energy efficiency retrofit projects and home electrification and appliance projects. These home energy rebate programs are to be administered by state energy offices, with the U.S. Department of Energy (DOE) providing guidance and oversight. Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are available in some states starting in … [Read more...]

Filed Under: Budget Spending Finance, Homeowner, IRS, Tax Topics

2025 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)

Single taxpayers If taxable income is: Your tax is: Not over $11,925 10% of taxable income Over $11,925 to $48,475 $1,192.50 + 12% of the excess over $11,925 Over $48,475 to $103,350 $5,578.50 + 22% of the excess over $48,475 Over $103,350 to $197,300 $17,651 + 24% of the excess over $103,350 Over $197,300 to $250,525 $40,199 + 32% of the excess over $197,300 Over $250,525 to $626,350 $57,231 + 35% of the excess over $250,525 Over … [Read more...]

Filed Under: Tax Topics

Birthday Benefits Quiz

Remember when you turned 16 and rushed to get your driver's license? Or earned the right to vote at 18 and enjoyed the privileges and responsibilities of adulthood at 21? There aren't many legal changes associated with birthdays after that until you turn 50, and then there are plenty. Can you match these ages to the related federal benefits and tax responsibilities? One age will be used twice. 50     55     59½     62     65     67     70     73     75 ___ 1. Eligible for full Social … [Read more...]

Filed Under: Healthcare, Investments/Investing, IRS, Medicare, Retirement, Social Security, Tax Topics

Do You Need to Adjust Your Tax Withholding?

Once you've filed last year's tax return and can see where your finances are headed this year, it may be a good time to adjust your income tax withholding to help make sure you're having the right amount withheld from your paycheck. Tax withholding is a balancing act. If you have too much tax withheld, you will receive a refund when you file your income tax return. If you prefer to receive more in your paycheck instead, you will need to reduce your withholding. However, if you have too … [Read more...]

Filed Under: Budget Spending Finance, Career, IRS, Tax Topics

Tax Preparation Checklist 2023

View, Download, or Print - 2023TY Tax Preparation Checklist Tax Preparation Checklist - 2023 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs.   (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]

Filed Under: Forms & Worksheets, Tax Preparation Checklist, Tax Topics

Tax Preparation Checklist 2022

View or Download Tax Preparation Checklist 2022 (PDF form)Tax Year Tax Preparation Checklist - 2022 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]

Filed Under: Forms & Worksheets, Tax Preparation Checklist, Tax Topics

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