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Taxes

Your tax refund may be smaller this year

by Samantha Fields
Apr 5, 2023
Pandemic tax credits have dried up, like the temporary expansion of the child tax credit and the earned income tax credit.
Without pandemic-era expanded tax credits, low- and middle-income families will likely see lower tax returns.
Chip Somodevilla/Getty Images
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Were last year's state payments taxable? Taxpayers wait while the IRS decides.

by Samantha Fields
Feb 9, 2023
It's will depend on why the payments were made and who got them.
The Internal Revenue Service building in Washington. Even though tax season is upon us, the agency hasn't yet ruled whether special payments from states will be exempt.
Stefani Reynolds/AFP via Getty Images
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As tax season approaches, accounting firms are short on staff

by Savannah Maher
Feb 7, 2023
And maybe a branding problem, too.
"Nobody thinks about the accountants," said Adrienne Gonzales, editor for the accounting blog "Going Concern." "They think about the accountants on April 15 when taxes are due. But there’s this whole network that is the engine of the economy."
Sasirin Pamai/Getty
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Red Texas is flush, blue California has a deficit, but it's more about economics than politics

by Matt Levin
Jan 11, 2023
Fewer tech millionaires were minted in 2022, hurting California's bottom line, while in Texas, the oil and gas industry boomed.
"Because [California is] a heavy tech economy, it means tech has a disproportionate impact on the state’s revenues," said Chris Hoene at the California Budget & Policy Center. 
Justin Sullivan/Getty Images
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Are marshmallows candy? It's a sticky question for state sales taxes

by Matt Levin
Nov 22, 2022
Most states don't tax groceries. But the treat used in candied yams and s'mores tests the definition.
Marshmallows — the roastable, toastable sweet — are taxed differently depending on a state's definition of candy.
Charley Gallay/Getty Images for Best Events
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I've Always Wondered ...

Where do your donations at the checkout register go? 

by Janet Nguyen
Sep 30, 2022
When you’re done shopping, stores will often ask if you’d like to contribute to charity. You may get a tax benefit, and they may acquire some goodwill.
Companies can't deduct your donations from their taxes, but their good deeds may increase customer loyalty.
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The IRS aims to improve customer service by hiring 5,000 additional workers

by Mitchell Hartman
Sep 15, 2022
The agency's budget has been shrinking, its workforce is aging, and it's been saddled with new responsibilities.
Treasury Secretary Janet Yellen tours a new technology workspace at the Internal Revenue Service on Sep. 15. The agency is receiving $80 billion to upgrade technology and hire more staff.
Saul Loeb/AFP via Getty Images
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What would it take for the NRA to lose its tax-exempt status?

by Janet Nguyen
Jun 9, 2022
The NRA is classified as a 501(c)(4), or a "social welfare organization."
As this year's NRA convention was underway in Houston, Texas, image of the number of mass shootings throughout 2022 was projected on the convention building.
Bob Levey/Getty Images for MoveOn
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Millions of college students are eligible for tax credits. But they have to file for them.

by Stephanie Hughes
Apr 14, 2022
Students may be entitled to additional money if they're not claimed as dependents.
Students at the University of California, Berkeley. College students may be entitled to tax benefits and pandemic relief payments.
Justin Sullivan/Getty Images
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"Patriotic Millionaires" in the U.K. call for higher taxes … on themselves

by Stephen Beard
Apr 5, 2022
The group of wealthy individuals say they would be happy to pay a lot more in taxes to ease the burden on the poor and the middle classes.
As the United Kingdom grapples with high inflation, a group of millionaires is volunteering to take a bump in taxes.
clubfoto/Getty Images
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