Project 2025 Tax Overhaul? | July Gas Tax Hikes | States That Won’t Tax Your Death

Taxes That Come Out of Your Paycheck | Places Where Gas Taxes Increased as of July 1 | Four Supreme Court Rulings That Impact Your Money Created for {EMAIL} | [Web Version]( July 14, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Income Tax [] [Taxes That Come Out of Your Paycheck]( [Taxes That Come Out of Your Paycheck]( (Getty Images) Have you ever looked at your paycheck and wondered where all your hard-earned money goes? If you have, you’re not alone. Several withholdings, including federal and state income tax, Social Security tax, and Medicare tax, come from paychecks, so it’s no wonder payroll deductions are confusing for many employees. To shed some light on these payroll deductions, [here’s a summary of key taxes that seem to eat away at your earnings](. [] State Tax [] [Places Where Gas Taxes Increased as of July 1]( [Places Where Gas Taxes Increased as of July 1]( (Getty Images) Several states have recently increased their gas taxes, as of July 1. This can affect your expenses as you fill up for road trips and summer activities since the national average for a gallon of regular is already hovering around $3.51. But there is some good news. A few places have reduced their gas tax rates, providing a little relief. [Is your state one of them](? [Unlock $51B in Tax Deferrals with 1031 Exchanges]( Maximize returns with a strategy that secured $51 billion in tax deferrals (2019-2023). Use 1031 exchanges to reinvest without immediate taxes. A $1M property could save about $318,000 in taxes. Discover tax advantages with CRE Income Fund. [LEARN MORE]( ADVERTISEMENT [] Tax Law [] [Four Supreme Court Rulings That Impact Your Money]( [Four Supreme Court Rulings That Impact Your Money]( (Getty Images) The U.S. Supreme Court has been under fire lately following the overturning of Roe v. Wade and reports of justices receiving expensive gifts and trips. But decisions from SCOTUS can directly affect the finances and bank accounts of millions of people like you. [Here are four recent ones](, involving bank privacy, student loans, foreign earnings, and “home equity theft.” Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( Get a [FREE ISSUE]( of The Kiplinger Tax Letter and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then save up to 58% off the cover price to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( [] In the News [] [Project 2025 Tax Overhaul Blueprint: What You Need to Know]( Have you heard about Project 2025, a controversial policy blueprint developed by the Heritage Foundation? This 900-page mandate from the conservative think tank is gaining attention for its eyebrow-raising proposals. The significant changes presented in the four pillars of Project 2025, designed for a future Republican administration, would fundamentally alter the federal government. This includes everything from public education and the Federal Reserve to the IRS and the United States tax system. Here's what you should know. [Read More]( [6 Things Not to Do When Selecting a Financial Advisor]( Working with a financial advisor can be a great first step to helping make sure you're on track to reach your retirement goals. But choosing the wrong one could wreak havoc. Check out these 6 things not to do when choosing a financial advisor, so you can work to potentially avoid years of stress. [See the list]( ADVERTISEMENT [] In Case You Missed It [] [States That Won’t Tax Your Death]( It is crucial to stay updated about state taxes. For instance, although state death taxes are something we may not like to think about, they can be expensive for our loved ones after we pass away. However, if you reside in and have assets in specific states, you might save your heirs some money. (Fortunately, federal death taxes only apply to individuals who leave behind estates worth millions of dollars.) So, in case you missed it, here is a list of states that won’t tax your death. [Read More]( [How to Help Your Retirement Savings Last]( Spending your hard earned retirement money can be complicated—and it's important to make the right decisions that will help your savings last. Vanguard Personal Advisor is built to provide you an ongoing collaboration with our professional advisors — so you can retire with the support you need. [LEARN MORE]( ADVERTISEMENT [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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