Category: Taxation

As of 2024, more than 100 jurisdictions worldwide have implemented taxes targeting unhealthy foods and beverages, often referred to as a junk food tax or sugar tax. These fiscal policies are a growing global trend aimed at improving public health by discouraging the consumption of products high in sugar, fat, and salt.

In 2012, Mexico had one of the world's highest per capita consumption rates of sugary beverages, with citizens consuming an average of 163 liters annually. This contributed to a severe public health crisis, prompting the government to implement a 'soda tax' as a key part of its strategy to combat soaring rates of obesity and diabetes.

In 2018, Seattle implemented a Sweetened Beverage Tax of 1.75 cents per ounce on distributors, a local initiative rather than a statewide mandate. This tax, which is largely passed on to consumers through higher prices, often leads residents and visitors to ask about the sugar tax across the entire state of Washington.

According to the World Health Organization, many jurisdictions have implemented taxes on sugar-sweetened beverages to improve public health outcomes. So, what is junk tax? It is a policy that levies excise duties on items like high-sugar drinks and ultra-processed foods to discourage their consumption.

According to the IRS, expenses that merely benefit general health, such as most vitamins and supplements, are not tax deductible. This guide will walk you through the key distinctions and criteria to determine if your vitamins and supplements can qualify as a deductible medical expense.

According to the IRS, over 4 million partnership returns (Form 1065) were filed in 2023, many requiring detailed reporting like Schedules K-1, K-2, and K-3. Navigating these forms can be complex, leading many to ask: What is the difference between K1, K2, and K3 tax? This article breaks down these essential tax documents and their significance.