Standard and Itemized Deductions: Which One to Choose?

Filing a tax return can be a stressful experience for novices. It takes quite a bit of patience and knowledge to grasp all subtleties. For example, not everyone knows the difference between standard and itemized deductions. The process requires a kind of expertise in the local tax law as well to maintain the precarious balance More…

Sales Tax in Texas

Taxes are the key resource for all state budgets, but taxation systems are different from state to state, and from region to region (within a state). Income tax is applied in most countries and regions. However, Texas is a place where personal income is not subject to taxation (there are seven states in the USA More…

Is It Reasonable to Move to No-Income-Tax States?

Most of us dream of being exempted from having to pay taxes. In nine U.S. states, there is no income tax, which means you do not have to pay back a significant share of your earnings. This appears to be an advantage, and many people are willing to move to these states to save money. More…

Tax-Free Holiday Promises to Bring in the Highest Amount of Profit Ever

August 10 is a much anticipated date highlighted in many calendars. We are getting ready to spend a little bit more than $82 billion on purchases related to schools and education. A gigantic number of Texans are going to use a special tax-free weekend to purchase a plethora of products in preparation for the next More…

Important Tax Changes for Texas Residents in 2018

Several legislative changes promise substantial changes to taxation. The recent Tax Cuts and Jobs Act and several minor changes present Texas residents with various advantages and disadvantages. The 2017 tax season was quite stressful, but it is finally over. New changes in laws, however, force us to read more about the upcoming tax season. The More…

Texas Seniors Struggle with Property Taxes

The impact of property taxes is hard to underestimate. Lots of seniors in Texas have problems paying them. There are some options to avoid paying various property taxes meaning that some can feel less pressured. For example, people over 65 years old can count on a significant exemption when it comes to property taxes. What’s More…

The Overall Texas Revenue Is Closing on $2.8 billion

After the April’s tax day ended, the IRS and other agencies took some time to calculate the revenue. Impressively, the amount of taxes collected was over $2.7 billion which is 13% more than in the same time frame in 2017. Most experts believe that this is due to the growth of the oil and gas More…

How New Tax Bills Are Going to Affect You

If you are thinking about whether you will benefit or lose money after new tax bills come into play, you should definitely learn more about new legislations. For example, The Tax Cuts and Jobs Act that was recently passed in the Senate has the same name as the similar one proposed by the House. Both More…

Which States Will Be Dependent on Government Aid in 2018?

One of the core defining aspects of economic interconnection between the government and its citizens is taxing. The tax burden often determines the extent to which citizens are capable of making living and feeling comfortable. Americans in different states feel that burden to different degrees and it heavily depends on the amount of aid they More…

Maps and Stats: Texas Is Overwhelmed by Taxes

The vast majority of all Americans depend on taxes. The amount of money taken by the IRS and other taxing agencies determine how much you can spend on your life and how comfortable you feel in terms of, well, living. State taxes obviously affect us just as much as federal ones. In some cases, the More…