Here's what to know about income tax ahead of tax season, including what it is, how it works, how to calculate it and which states don't have it.

About 45 years have passed since a U.S. state last eliminated its income tax on wages and salaries. But with recent actions in Mississippi and Kentucky, two states now are on a path to do so, if their economies keep growing. The push to zero out the income ...

The Dec. 31, 2025, expiration of many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) adds a new task to the 2025 congressional to-do list: updating the tax code. Many TCJA provisions provided important relief for farm families. While reductions in the ...

Learn how the Personal Income and Outlays report from the BEA offers insights into consumer spending, income, and economic trends—critical for smart financial decisions.

In 2017, President Donald Trump and a Republican controlled Congress successfully enacted the Tax Cuts and Jobs Act (TCJA) into law. (The majority of its provisions took effect in 2018.) According to the nonpartisan Tax Foundation, the Tax Cuts and Jobs ...

There is one indisputable fact in New Mexico today – our families are struggling financially. The costs of auto insurance, property insurance, and health insurance have all increased significantly. Groceries that we could once afford seem like luxuries.

President Donald Trump has floated the idea of eliminating individual income taxes. At a conference earlier this year, he said, “Instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our ...

You may retire from work, but you'll never quite retire from paying taxes. How much you'll pay once you retire depends on the state where you reside. Here are 13 states that don't currently tax retirement income. No one in Alaska pays state taxes because ...