When was the last time you checked your tax withholding, when you signed that W-4 eight years ago? There are multiple factors that largely affect how much you owe each year. Be mindful of potential refunds or taxes that you could owe.
The IRS sends warnings of phishing emails scams, particularly those requesting last-minute changes and account updates.
Cybercriminals are taking the time when people are vulnerable, and creating sophisticated scams to trick anyone.
The IRS recently issued its 2017 cost-of-living adjustments. Because inflation remains relatively in check, many amounts increase only slightly, and some stay at 2016 levels.
The election of Donald Trump as President of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. tax code.
They say timing is everything. And, when it comes to year-end tax planning, this expression certainly holds true for income and expenses.
Q: What are the new tax filing deadlines under the highway funding law?
A: In addition to providing continued funding for federal transportation projects, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changes the due dates for several types of tax and information returns:
Even though tax filing time is far away, the fall is the perfect time to start your planning so you can take advantage of all opportunities to minimize your tax bill.
If you’ve invested in a trade or business in which you don’t materially participate, remember the passive activity rules. Why? Passive activity income may be subject to the NIIT, and passive activity losses generally are deductible only against income from other passive activities. You can carry forward disallowed losses to the following year, subject to the same limits.
In recent years, when valuing a “less than a controlling interest” in a closely held company, a “minority interest discount” has been applied when gifting, or otherwise transferring such minority interest to a family member.