When it comes to taxes, there are a lot of terms and concepts that can be confusing. Alternative minimum tax (AMT) is one of those terms. But what exactly is AMT? And how might it affect you? Here’s a quick overview of the alternative minimum tax and how it works. Define Alternative Minimum Tax (AMT)… Continue reading What Is Alternative Minimum Tax (AMT)?
Category: Tax
Is Workers’ Compensation Taxable?
Workers’ compensation benefits cover you if you’ve suffered a work-related injury or occupational sickness. You may wonder if you’ll have to report these benefits on your tax return and pay taxes on any settlement or award you receive. The answer depends on the specifics of your case, but in general, a workers’ compensation settlement is… Continue reading Is Workers’ Compensation Taxable?
Know your Basic IRS Tax Appeal Rights
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.… Continue reading Know your Basic IRS Tax Appeal Rights
How Long Can The IRS Collect Back Taxes?
What is the statute of limitations for the IRS to collect back taxes? The IRS statute of limitations or Collection Statute Expiration Date (CSED) for the IRS to collect back taxes varies depending on the tax return. For instance, if a tax return is filed on time, the statute of limitations is generally three years… Continue reading How Long Can The IRS Collect Back Taxes?
Is There An Inheritance Tax In Florida?
What are Inheritance and Estate Taxes Inheritance taxes are paid by the individual heirs who receive inherited property. While there is no Federal inheritance tax, some states treat inheritance as income and will tax the recipient of an inheritance. The decedent’s estate pays estate taxes before the estate assets are distributed to the heirs. Florida… Continue reading Is There An Inheritance Tax In Florida?
The Dangers of Procrastinating on Your Taxes
It’s that time of year again—tax season. For many people, just the thought of dealing with their taxes is enough to send them into a panic. Unfortunately, procrastinating on your taxes is not an option. Not only can it lead to penalties and interest accruing, but it can also make you a target for an… Continue reading The Dangers of Procrastinating on Your Taxes
Earth Day Special! Ways To Save Money By Going Green!
This week was Earth Day! Every year on April 22, Earth Day marks the anniversary of the birth of the modern environmental movement in 1970. Today, Earth Day is widely recognized as the largest secular observance in the world, marked by more than a billion people every year as a day of action to change… Continue reading Earth Day Special! Ways To Save Money By Going Green!
Deduct Your Child’s Allowance: Tax Savings by Owning a Small Business
If you’re self-employed, many deductions are available to you that the average person without a business can’t take advantage of. If you don’t have a small business, you might consider the many financial benefits of starting one. Simply making an honest effort to earn income from what usually is just your hobby can open up… Continue reading Deduct Your Child’s Allowance: Tax Savings by Owning a Small Business
IRS: EV Credit Fraud Costing Millions
According to research by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits have been wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. The credit is generally limited to plug-in electric vehicles and is subject to a phase-out. Forbes found that 7… Continue reading IRS: EV Credit Fraud Costing Millions
Federal Court Upholds SALT Deduction Limitation
The 2017 federal tax law, which President Trump signed after a party-line vote in Congress, limited to $10,000 the state and local tax payments that families can write off on their federal income taxes if they itemize deductions. The provision, known as the SALT cap, disproportionately affected wealthy, high-tax states, where residents are more likely… Continue reading Federal Court Upholds SALT Deduction Limitation