Are you subject to AMT tax?

Taxpayers who take advantage of certain tax breaks may be subject to the alternative minimum tax (AMT). The AMT was designed to ensure that high-income individuals pay a minimum amount of tax, regardless of the deductions, credits or exemptions they might claim if they weren’t subject to the AMT. Basically, your income tax is calculated […]

IRS reminds employers of educational assistance programs

Student loan assistance has been a hot topic of late. In response, the IRS is reminding employers that they can take advantage of educational assistance programs to help pay for their employees’ student loan obligations through Dec. 31, 2025. Traditionally, these programs have been used to pay for books, supplies, fees, tuition and other education […]

How Do Taxes Affect Interstate Migration?

How Do Taxes Affect Interstate Migration? https://bit.ly/3zcIzXF

Review your withholding and estimated tax Payments

Avoid tax surprises next year. As summer winds down, review your tax withholding or estimated payments so you can increase them if needed. Not paying enough taxes throughout the year can result in not only a bigger-than-expected tax bill next April 15, but also penalties. Taxpayers most vulnerable to surprise tax bills are gig workers […]

How confidential is your FTI?

Is your federal tax information (FTI) confidential? Federal tax law permits the IRS to share your FTI with other entities such as state and local tax agencies. Safeguards are in place against the misuse of the data, including required reporting and penalties for violations. Recently, the Treasury Inspector General for Tax Administration (TIGTA) looked at […]

The possible tax landscape for businesses in the future

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and […]

What is ordinary and necessary?

If you’re a business owner, you may be able to deduct “ordinary and necessary” expenses related to keeping working animals. But the operative word here is “working,” for example, dogs that guard against illegal entry or cats that protect inventory from rodents. In general, such expenses as food, veterinary bills, pet insurance premiums and related […]

IRS reports advance in reducing paper filings

The IRS has reported a significant advance in reducing paper filings, part of its 10-year plan to improve service and upgrade technology. Its Document Upload Tool enables taxpayers to submit most documents electronically so long as they can provide their name; an access code or notice or letter number; and a Social Security or taxpayer […]

Do you owe estimated taxes? If so, when is the next one due?

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, […]

Living Overseas?

If you’re a U.S. citizen living or working abroad, you still must file a federal individual income tax return. Generally, IRS rules for filing income, estate and gift tax returns and paying estimated tax are the same for those residing abroad as for those in the United States. The United States taxes its citizens on […]