Author: News Desk

In a bold and comprehensive address for the 2025 State of the State, Governor Kathy Hochul has unveiled an extensive policy agenda aimed at increasing affordability, enhancing public safety, and tackling housing challenges in New York. Speaking at the Hart Theatre in Albany, Hochul emphasized important fiscal measures intended to support families across the state. A major highlight of her address was the proposed middle-class tax cuts designed to benefit approximately 8.3 million taxpayers making less than $323,000 annually. This initiative aims to establish the lowest tax rates seen in 70 years, with an anticipated savings of around $1 billion…

Embarking on a self-employment journey—whether launching a side hustle or diving into freelance gigs—can be both exhilarating and daunting. As tax season approaches, many new entrepreneurs find themselves overwhelmed by the complexities of income and expenses. Navigating the requirements, from compiling 1099 forms to diligently tracking business-related costs, can lead to potential stress and unexpected expenses. However, it doesn’t have to feel this way. Whether you choose to file taxes using online tax software or enlist the help of a certified accountant, these seven expert tips aim to alleviate the typical woes associated with self-employment tax preparation. 1. Digitally Track…

In a significant development aimed at aligning with international tax standards, Bahrain has unveiled the Additional Minimum Tax (AMT) through Decree-Law No. 11 of 2024. This initiative is part of a global effort spearheaded by the OECD (Organization for Economic Cooperation and Development), which mandates that multinational enterprises (MNEs) maintain a minimum tax rate of 15% on profits in every country where they operate. The law is slated to take effect on January 1, 2025, explicitly targeting MNEs with global annual revenues of €750 million or more. This reform not only reflects Bahrain’s commitment to economic equity and compliance on…

Cryptocurrencies like Bitcoin soared in 2025, leaving many investors considering whether to cash out. But with gains come tax responsibilities. Selling cryptocurrency triggers tax liabilities, just like stocks. Let’s break it all down into simple steps so you’re prepared for tax season in 2026. What Are Crypto Taxes? Cryptocurrency is considered property by the IRS. That means when you sell, exchange, or use crypto, you may owe taxes on any gains. Here’s a quick summary: Not all activities are taxable. For example, transferring crypto between your wallets isn’t. However, trading one crypto for another, staking, mining, or receiving crypto as…

Washington, D.C. — President Donald Trump has announced plans to create a new government agency called the External Revenue Service (ERS), which will be responsible for collecting tariffs on foreign goods. This move is part of his broader strategy to address trade imbalances and support U.S. industries by making imports more expensive, which could encourage Americans to buy more homegrown products. Trump emphasized that this new agency will help ensure foreign countries pay their “fair share” to the U.S. economy. The External Revenue Service is expected to start operating soon after Trump’s second inauguration on January 20, 2025. However, Congress…

The General Tax Authority (GTA) in Qatar has officially announced the tax return filing period for the fiscal year ending December 31, 2024. Filing will open on January 1, 2025, and the deadline to submit your returns is April 30, 2025. This announcement applies to all entities subject to Qatar’s Income Tax Law (Law No. 24 of 2018), including tax-exempt companies, businesses fully owned by Qatari or GCC nationals, and those with non-Qatari partners. It’s important to note that even tax-exempt entities must file their returns to stay compliant with the law. Submit Your Returns Online Taxpayers are required to…

On December 20, the State Administration of Taxation in China introduced a draft for public feedback on the “Provisions on the Submission of Tax-related Information of Internet Platform Enterprises.” This new set of regulations aims to simplify tax reporting for online businesses, including E-Commerce platforms, live streamers, and gig economy workers. But how will these changes impact platform operators, and what does this mean for the future of the platform economy? No Change for Most Compliant Businesses The good news for many platform businesses is that these new rules won’t increase their tax burdens. The regulations focus primarily on simplifying…

 Important Considerations Before Choosing Tax Refund Products As tax season approaches, many Americans may be tempted by offers for tax refund products such as refund advance loans or refund anticipation checks. However, experts strongly recommend that taxpayers carefully read the fine print before proceeding with these options. According to a recent report from the Treasury Inspector General for Tax Administration, an estimated 16% of American taxpayers paid over $842 million in fees just to access their tax refunds for 2023. Among this group, approximately 96% utilized refund anticipation checks (RACs), while the remaining 4% opted for refund anticipation loans (RALs).…

Navigating Tax Season: Free Assistance for Low and Moderate-Income Households As tax season approaches, many families, particularly those with low to moderate incomes, may feel a sense of anxiety. To alleviate this stress, the Trident United Way offers the Volunteer Income Tax Assistance (VITA) Program, which provides complimentary tax preparation services for eligible residents in Berkeley, Dorchester, and Charleston counties. Trident United Way’s Director of Community Initiatives, Angie Williams, highlights the program’s vital role: “We help you maximize your credits, including the Earned Income Tax Credit and the Child Tax Credit, which can significantly boost your annual tax refund.” For…

IRS Direct File Program Opens for 2025 Tax Season: What You Need to Know The IRS has announced exciting updates for the upcoming 2025 tax season, set to begin on January 27. The agency’s Free Direct File Program will be available to eligible taxpayers in 25 states, offering a streamlined way to file income taxes. This season, it’s estimated that over 30 million taxpayers will qualify for Direct File, marking a significant expansion from previous years.  Key Points to Note: Launch Date: The Direct File program opens on January 27 for residents in 25 states. Eligibility: Approximately 30 million taxpayers…