How are My Property Taxes Calculated?

Property taxes are a major source of income for local governments, comprising 72% of local tax collected. Property taxes typically fund your local schools and libraries, emergency services, roads, and parks and recreation department. Before you receive your property tax bill, you should receive your home’s value. This value is determined by your tax assessor … Continue reading How are My Property Taxes Calculated?

What is a 1099 Form?

The different types of 1099 forms represent various types of income collected throughout the year needed to file one’s taxes. Like a W-2 form, it will be sent by January 31, though not all taxpayers will receive one. Independent contractors who make at least $600 during the previous year will receive a 1099 form. The … Continue reading What is a 1099 Form?

What is a W-2 Form?

A W-2 form is required to be sent by your employer by January 31 and is necessary for filing your taxes. The form reports your wage and salary information, the amount of federal and state taxes withheld, the amount you contributed to your retirement plan, and the amount your employer paid for your healthcare during … Continue reading What is a W-2 Form?

Why do taxes differ wildly per state?

Through the leadership of state government, every state has the authority to determine their tax structure to maximize their revenue. For most state governments, the involvement of citizens through lobbying or engagement can help determine taxes, particularly related to social services and education. One tax, sales tax, occurs statewide in 45 states and is printed … Continue reading Why do taxes differ wildly per state?