Category Archives: General Filing
The Internal Revenue Service has announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has […]
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The overhaul almost abolished the alternative minimum tax, or AMT, a complex and unpredictable parallel tax system. The purpose of the AMT is to limit tax breaks that are permitted under the regular tax system and to ensure that high earners can not avoid all taxes legally. Legislators ultimately retained the AMT, but with significant […]
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Significant changes were made to the “Kiddie Tax,” a special levy on the “unearned” income of a child above $2,100 in 2018 and $2,200 in 2019. It typically applies to investment income such as dividends, interest, and capital gains, and is not applicable to the earned income of a young person from newspaper delivery or […]
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The abolition of the personal exemption is also a significant shift. This provision was a subtraction from income before the overhaul for each person included in a tax return-typically family members. The amount for 2018 was set to be $4,150 per person, and for higher earners it was phased out. Personal exemption was also essential […]
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If you choose not to have taxes withheld from your wages, or if you have not paid enough for each paycheck, you may have to make estimated tax payments. Similarly, self-employed people typically pay income tax by estimated payments. Four Important facts about estimated taxes If you think you need to pay estimated taxes, or […]
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If you enjoy trying your luck at the tables, watching the slots spin, or hoping to win your horse, any money you have earned from these activities is taxable, the IRS must be advertised. Every once in a while you can enjoy a game of chance, but you should never play your taxes. Follow these […]
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Many taxpayers who receive a refund choose to deposit directly. Actually, it is the best way to receive payment for a federal tax refund. It is completely safe and delivers the cash you have the right to, especially when combined with electronic filing methods, quickly and easily. About 95 million taxpayers opted for direct deposits […]
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If you heard about the Alternative Minimum Tax, you probably wonder if it applies to you and what to expect if it applies. If your income exceeds a specific amount, you may fall under the Alternative Minimum Tax guidelines. The purpose of the AMT is to keep a minimum tax payment for those who choose […]
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Personal or investment property owned by you is typically a ” capital asset. ” Examples include materials such as a house or a car and investment items such as stocks and bonds. When a capital asset is sold, capital gains or losses occur. Whether you consider selling a capital gain or loss depends on the […]
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Tax time can be confusing if you are a self – employed. It is not difficult to file a federal tax return, and with a little information, independent contractors and small business owners can easily file returns just like the rest of the taxpayers. Understanding what is classified as self – employed income and your […]
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