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Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic consequences. And as today’s map shows, the extent to which businesses can deduct their capital investments varies greatly across European countries. Businesses determine their profits by subtracting costs
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Yesterday, the Organisation for Economic Co-operation and Development (OECD) released a consultation document in connection with its continuing efforts under the Base Erosion and Profit Shifting (BEPS) project Action 1 to address the challenges of taxation in the digitalizing economy. The document provides an outline of proposals that the Inclusive Framework (IF) on BEPS (a
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Side hustles are a smart way to bring in extra money and protect your financial life with multiple income streams. But it can take time and even cost money to build up a consistent side hustle. For instance, you may need to buy a domain name for a website or print marketing materials. Some weeks
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Key Findings Under the Tax Cuts and Jobs Act, the personal exemption is suspended through 2025, balanced by other provisions, including the near-doubling of the standard deduction and an enhanced child tax credit. Some states mirror the federal government’s personal exemption, but many others set their own dollar amounts while using federal eligibility definitions. Conformity
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The IRS recently announced tax penalty relief for taxpayers who didn’t pay enough of their 2018 federal income tax liability last year due to the changes in tax reform. Penalty Relief Explained Federal income tax works on a pay-as-you-go system. That means all taxpayers are required to pay their tax liability as they earn money
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We all know how important it is to save for retirement. If you’ve started contributing to a retirement plan, at work or on your own, the next thing you’ll want to know is how to deal with it on your tax return. Fortunately, entering retirement contributions on your tax return, if necessary, is pretty simple.
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All European countries tax corporate income. However, corporate income tax (CIT) rates differ substantially across countries, ranging from 9 percent in Hungary to 34.4 percent in France. Europe’s average CIT rate (22.5 percent) is slightly higher than the global average (21.4 percent). The map shows statutory CIT rates in 27 European countries. These CIT rates
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Today, Senator Elizabeth Warren (D-MA), Democratic presidential hopeful for 2020, announced plans for a wealth tax on high-net-worth individuals, a type of tax that is flawed economically and administratively. (There are also constitutional questions about assessing a wealth tax.) According to The Washington Post, Senator Warren’s proposal would assess a 2 percent annual wealth tax
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