When California took its first breath of statehood in 1850, the fledgling state had to quickly find a way to support itself, and myriad new taxes were instituted. In 1850, there was no federal income ...

Forbes contributors publish independent expert analyses and insights. Joseph J. Thorndike writes about tax history. The state and local tax deduction has been a part of the federal income tax from the ...

When I was in law school, my dad advised me to take as many tax courses as possible, because every aspect of the law involves tax. So, in the spring of 1997, I took Income Taxation at 8 a.m. I drank a ...

Tax laws change frequently, with updates impacting the best tax planning practices for businesses across industries. Over the next year, there will be significant changes to tax laws with the ...

On July 4, 2025, legislation known as the “One Big Beautiful Bill” was signed into law. Learn about the 2025 tax changes here. The Tax Cut and Jobs Act passed in 2017 included significant changes to ...

The "One Big, Beautiful Bill" adds some tax deductions and increases others for the 2025 tax year, which will mean lower tax bills for many Americans. Taxpayers who prefer to pay less in taxes ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Vithun Khamsong / Getty Images The ...