On August 29, 2012 we posted Fifth Amendment Does Not Apply to Offshore Banking Records, where we discussed that the Fifth Amendment privilege against self-incrimination does not apply to records that fall under the Required Records Doctrine, and a taxpayer who is the subject of a grand jury investigation into his use of offshore bank…
Generally, your Social Security (SS) benefits are not taxable until your modified adjusted gross income (MAGI) is more than the base amount for your filing status. MAGI is your regular AGI (without Social Security income) plus 50% of your Social Security income plus tax-exempt interest income plus certain other infrequently encountered modifications. The base amounts…
Sending employees on business trips is essential for countless companies and can result in tax headaches for both the employer and the employee if the tax regulations are not adhered to. If the rules are followed, the cost of the employee’s travel will be fully deductible to the employer, with the exception of meals, which…
When you hire your first employee, you create an entire new task of complying with employment and labor laws and issuing a payroll. Payroll taxes create more administrative burden for small businesses than any other tax, according to the 2015 Small Business Taxation Survey from the National Business Association. Plus, compliance with payroll laws is a…
Retirees in these 13 states will prosper from the Supreme Court ruling. Read more at http://www.kiplinger.com/article/business/T055-C012-S000-supreme-court-rules-in-favor-of-same-sex-marriage. The Supreme Court’s landmark finding that same-sex couples have a constitutional right to marry will mean a financial gain for such couples who live in the 13 states that allowed only a man and a woman to wed The…
For you to receive a tax break, the school must be accredited and eligible for federal financial aid. Do online college courses qualify for the American Opportunity and Lifetime Learning tax credits, or do only classes taken in person at a brick-and-mortar college qualify Whether you take a class online or in person doesn’t matter;…
If your child is younger than 13, you may qualify for the child-care credit. If you pay for the day camp and a babysitter so that you can work, the expenses can qualify for the credit. If you’re married filing a joint return, both you and your spouse must work (one spouse may be a…
Yes. If your annuity is not in a traditional IRA, 401(k) or other retirement account, the way you take the money can make a big difference in the way it is taxed. No matter where the annuity is, earnings are not taxable until the money is withdrawn. If you withdraw money from the annuity on…
It’s never too early to get a leg up on Uncle Sam. hand pulling cash out of wallet MORE Americans Spend More on Taxes Than Food, Clothing and Shelter Combined You’re Not Paying Enough in Taxes on These 7 Things Thieves Stole 100,000 People’s Tax Info From IRS Though the ink’s barely dry on your…
The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners. In a memorandum last month from three commissioners in charge of various divisions of the IRS, they wrote,…
