5 Reasons to Amend a Previously Filed Tax Return
2018 Tax Laws, Tax News, Tax Tips, TaxesThe most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number…
Disabled Taxpayer Tax Benefits
Tax Tips, TaxesArticle Highlights:
Increased Standard Deduction
Tax-Exempt Income
Impairment-Related Work Expenses
Financially Disabled
Earned Income Tax Credit
Child or Dependent Care Credit
Special Medical Deductions
Qualified…
SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn
Tax News, Tax Tips, TaxesArticle Highlights:
• SALT Tax Limits
• State Work-arounds
• Converting Tax Deductions to Charitable Contributions
• IRS Regulations
• Taxpayer Beware
Tax reform has limited the federal itemized deduction for state…
Kiddie Tax No Longer Based on Parents’ Tax Rate
Business, Economics, Finance, Finance Tips, Investment, Jobs, Personal Finance, Tax Reform, Tax Tips, TaxesArticle Highlights:
Parents Attempting to Shift Income to Children
Kiddie Tax
Tax Reform Changes
Tax on Child’s Unearned Income
Tax on Child’s Earned Income
Some years back, it was not uncommon for parents to put…
Do You Need to Renew Your ITIN?
2018 Tax Laws, Tax News, Tax Reform, TaxesThe IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes…
Tax Reform Eases the Alternative Minimum Tax – But It’s Still There
2018 Tax Laws, Tax Reform, TaxesAlthough Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt…
133,000 Injured Veterans Entitled to Tax Refunds
Tax News, TaxesAs a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum…
Offer in Compromise
Tax Tips, TaxesOffer in Compromise FAQs
We’re all responsible for paying our fair share of taxes each year. But what happens when the amount that you owe is simply out of reach? What happens if you failed to make payments in a timely manner and your financial…
Clergy Tax Benefits Under Fire
2018 Tax Laws, TaxesSection 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation…
Big Changes to the Kiddie Tax
2018 Tax Laws, TaxesYears ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’…