If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...
Alternative minimum tax refers to a percentage of taxes a taxpayer must pay the government regardless of the deductions the taxpayer claims. With the AMT, some taxpayers get to pay...
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
Many American employees have many compensation packages in which stock options are one of them. It comes with complicated tax details even though all employees have the same right...
Posted by One Stop Taxes on 02/10/2021
Municipal bonds have long been considered suitable for high net worth investors because their yields are generally excluded from federal income tax and, in some cases, state and local...
If you look at the TCJA, you will see that the C Corps' new tax rate is 21%, while the maximum individual rate is 37%. Also, individuals can benefit from a 20% deduction for pass-through...
Posted by CORE PERFORMANCE on 01/14/2021
An alternative minimum tax puts a cap on the tax percentage amount every taxpayer must pay no matter the deductions or credit they claim. As long as your income is above a specified...
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Several recent developments may affect taxpayers based on a strategy of trading or holding tax-exempt state and local bonds, commonly known as municipal or "munis" bonds....