Taxes

Table of Contents Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2022 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2022 Index. To access the full report, click the download
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When Coloradans go to the polls this November, they will be given the opportunity to permanently lower their income taxes—or to increase those tax burdens. Colorado Proposition 121 would reduce the state’s flat statutory income tax rate from 4.55 percent to 4.4 percent, effective retroactively for tax year 2022. Colorado Proposition FF, on the other hand,
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The IRS will receive an extra $80 billion in funding over the next decade thanks to the Inflation Reduction Act. Understandably, this announcement has caused some apprehension among taxpayers. Does this new funding mean your risk of an audit will go up this tax season? Let’s look at the facts. We’ll also review how you
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Taxing university endowments has gained popularity recently, partly in response to the Biden administration’s forgiveness of student loan debt. Some view it as a means of holding universities accountable for the product they’re selling. Others view it as a tool to tamp down tuition rates or punish ideological opponents. But do these arguments hold water
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On a yearly basis the Internal Revenue Service (IRS) adjusts more than 60 tax provisions for inflation to prevent what is called “bracket creep.” Bracket creep occurs when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income. The IRS used to
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California is awash in plans to raise taxes. An under-the-radar piece of legislation will functionally increase the top marginal income tax rate by 1.1 percent in 2024 (with administrative authority to bring it to 1.5 percent), while a pending ballot measure would add a new 1.75 percent surcharge on the income of the highest earners,
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Over the past two years, policymakers and taxpayers have grappled with proposals to increase taxes as ideas introduced in the 2020 presidential campaign were transformed into legislation. This effort culminated in August with the enactment of the Inflation Reduction Act. While many of the tax increases considered over the last two years were eventually shelved,
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Curious about the business tax deadlines that you should mark on your calendar this tax season? Here’s what small business owners need to know. Deadlines for filing small business tax returns There are different filing deadlines to be aware of depending on what type of business you have. Below are the key tax calendar dates
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Key Findings Last-in, First-out (LIFO) and First-in, First-out (FIFO) are two methods of inventory accounting used for both financial accounting and tax purposes. Both LIFO and FIFO rely on the accounting principle of deducting costs from income when goods are sold. This principle often comes into conflict with the economic principle of deducting costs when
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