regressive tax regressive tax—A tax that takes a larger percentage of income from low-income groups than from high-income groups. Why do low-income people...

Due to the COVID-19 pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. In addi...

During World War II, Congress introduced payroll withholding and quarterly tax payments. For tax years 1944 through 1951, the highest marginal tax rate fo...

Under DDP, the Buyer is only responsible for unloading. The Seller is responsible for everything else including packing, labeling, freight, Customs cleara...

In 2020 and 2021, you can give up to $15,000 to someone in a year and generally not have to deal with the IRS about it. If you give more than $15,000 in c...

New Hampshire With no sales tax and an income tax that applies only to interest and dividends, New Hampshire has an 8.4% effective tax rate. It is the onl...

As long as the foreign contractor is not a U.S. person and the services are wholly performed outside the U.S., then no Form 1099 is required and no withho...

Visit the department’s website at and select the Where’s My Personal Income Tax Refund? link on the department’s homepage. Or call 1-888-PATAXES to find o...

There’s very little difference between state and federal withholding taxes. The chief distinction is that state withholding is based on state-level taxabl...

Generally, individual taxpayers who itemize their deductions can deduct state or local taxes in the year they are paid. If you owe money to the IRS and ar...