Unknown to some people, when they get to a particular income level, a parallel tax system applies to their income. This is a distinct tax structure called the Alternative minimum tax...
Posted by Income Taxes and Bookkeeping LLC on 07/24/2021
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...
Posted by Taxes Made EZ Inc on 04/09/2021
The alternative minimum tax (AMT) was first introduced in 1969 to prevent the wealthy from enjoying so many deductions and income tax credits that they paid little or no income tax....
Posted by Daniel P Vigilante CPA and Profit Consultants on 03/22/2021
In 1969, it came to the federal government's attention and the public that there were 155 taxpayers with an income of $ 200,000, or an annual income of over $ 1.3 million in today's...
Posted by Thomas G Kinsella, ATP on 02/28/2021
Companies can reward their financial investors by paying dividends to shareholders. Certain dividend income may benefit from special tax treatment per the applicable tax code. This...
Posted by Unifirst Financial & Tax Consultants on 02/28/2021
As a U.S. citizen or U.S. Resident Alien, you must pay taxes on your worldwide income. Suppose you are not a resident of the United States or its territories or have income in the...
Posted by James Financial Services Inc on 02/23/2021
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....
Posted by Karen Munoz, EA on 02/23/2021
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...
Posted by Karen Munoz, EA on 12/26/2020
