While most people regularly meet their tax obligations, there are always a few who may discreetly evade their taxes. Non-payment of taxes falls under tax non-compliance; activities such as tax avoidance, tax reduction through legal means, and tax evasion (also called as the criminal non-payment of tax liabilities) come under tax non-compliance.

The latest corporate tax reforms is a meticulously curated idea to ensure that the money that many stash away across the globe comes back home. There has been a drastic tax deduction of the corporate-tax rate; it has fallen from 35% to 21%. Not only does this move bring corporate tax below the rich-country average but also ensures that the money earned by the country’s corporate remain in the country.

Kiddie tax was first heard of when it was a part of the massive 1986 Tax Reform Act. It basically suggested that for the next 20 years, any income that was not earned by the child above a certain limit and who is below the age of 14, would be taxed at the same rate as his or her parents.

When you have a family, there is a certain expectation that your children will be your biggest source of strength that will never leave you and go. However, they might not due to education or work abroad or for family reasons. As a result, the burden of paying tax comes on the parents itself who are called as “empty nesters.” Here are many of those options for empty nesters to save tax.

Several countries with a federalist government structure divide the power between the federal government and the states. However, not all countries allow both to impose an income tax on the citizens. This case is unique to the United States. The United States, being a federal system that it is, collects tax at the federal level while also allowing the fifty states to collect tax as well.

As it is widely understood, getting tax refunds has a negative impression on your financial management as it shows that you overpaid on your taxes during that particular year. Despite this, most individuals look forward to tax refunds, as evident from the statistics; over 80% of taxpayers receive a refund with a massive amount of $2,872 per filer.