Tax Foundation’s Post

The interesting point is that despite technological advancements, which have made tax preparation and filing more efficient, the complexity of the U.S. tax code has continued to grow, resulting in steadily increasing compliance costs. This complexity has effectively outweighed the benefits of technology, leading to significant economic burdens on individuals and businesses. Specifically, even though 94% of individual tax returns are prepared using software and 90% are filed electronically, the total time and money spent on compliance remains staggeringly high, costing the economy $546 billion annually.

If you have a good idea or a good product to start a new business in America, be ware of the compliance burden that can kill your dream. A team of competent accountants and attorneys working together might be as important as your core business activities. Inappropriate advices or miscommunications could be dangerous to your new business - as the taxpayers bear the ultimate responsibilities of noncompliance, not the advisers. To be honest, the size of the cost of government and the undue U.S. regulatory burden is harmful to the country. It weakens our competative advantages. It is hard to retain talent and it discourages innovations and entrepreneurship. Only big corporations good at paperwork and bad at inventions will stay afloat- people’s garage where true inventions and good ideas take places are strangled from opportunities.

With the 2025 sunset of the 8 year provisions brought by TCJA and potential legislative changes after November’s presidential election, the time needed to comply with regulations will definitely spike to even more astonishing levels. #timetoplanisnow #RSM #Trustedtaxadvisor #legislativechanges

Nearly all Americans pay taxes, but the composition of the types they pay varies based on their income. #Taxes #TaxPolicy

Happy Tax Week! As we wrap up this season, here's what you need to know: - The average tax refund has increased to $3,011, up 4.6% from last year, thanks to updates in tax brackets and deductions. - With several tax provisions set to expire soon, the upcoming elections will play a crucial role in shaping future tax policies. In this week's blog, we're diving deep into what tax policies might look like in the future and how they compare among the presidential candidates. From family tax credits to business deductions, understanding these policies is essential for planning ahead. Whether you're an individual taxpayer or a business owner, now's the time to get a head start on understanding potential impacts to your finances and the economic landscape at large. Read our blog to learn more about the expiring tax provisions and what it could mean for you. #TaxWeek #Finance #Election2024 https://lnkd.in/emEzqvYV

As tax season begins, the IRS introduces some changes, including inflation-adjusted standard deductions, some expanded tax credits, and a new pilot program to help eligible taxpayers file directly with the agency for free in certain states. #financialnews #taxplanning

If approved by the Kansas House and Senate, a new tax bill will take effect: - Kansas will move from three tax brackets to two. The rates will be 5.2% and 5.58% as opposed to the 3.1%, 5.25% and 5.7% previously (you reached the higher tax bracket if you made over $30,000/year). - It will have higher income tax deductions and exemptions - A child and dependent care tax credit will be set at 50% of the federal allowance. This should be voted on next week, I'll update with more information at that time. https://lnkd.in/g2zkEXFg

Here is a valuable article that gives an overview of items that Taxpayers should be planning for as the sunset of Tax Cuts and Jobs Act approaches at the 2025. Please reach out to me with questions. We are here to help. https://lnkd.in/e9hz8Tgi

Could you ace a tax literacy poll? 🤔 Recently, the Tax Foundation conducted a national tax poll to understand American taxpayers’ knowledge of and opinions about the tax code. The results: most Americans are confused by and dissatisfied with the federal tax code. More than two-thirds of respondents did not know the top federal income tax rate and over half did not know how tax brackets work 😮 To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts. It's okay to dislike paying taxes - but being educated on them and how they impact you is critical. I love using tools like Holistiplan in practice that help me explain a client's tax picture to them in a way that is simple and easy for them to understand. Education is the first step in having better discussions and informed financial decision-making!

🔔 Attention taxpayers! 🔔 As we navigate through tax season 2024, it's crucial to stay informed about potential tax changes on the horizon. Our latest blog dives into the Tax Cuts and Jobs Act (TCJA) of 2017 and its impending adjustments leading up to the 2025 sunset. While we crunch numbers and file our taxes, it's never too early to prepare for the future. This insightful read not only highlights the significant TCJA-related alterations but also arms you with strategic insights to proactively navigate the evolving tax landscape. Stay ahead of the game, plan for the future, and check out the full blog below. Don't let the tax season whirlwind catch you off guard – knowledge is power! 💪💼 🔗 https://lnkd.in/gZ_wbK_F #AvaiiWealthManagement #FinancialInsights #TCJAChanges