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What is The Alternative Minimum Tax?
High-income taxpayers often use tax breaks and loopholes in the tax code to significantly reduce their tax liability. The alternative minimum tax (AMT) is applied to high-income taxpayers to ensure that they at least pay the minimum amount of tax. It does not as allow many deductions that other taxpayers use to reduce taxes. The AMT was introduced after the government found that several high-income taxpayers were legally reducing their tax bill, sometimes to zero. The ...
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How Not to Spend Your Tax Refund
The average refund amount for the 2016 filing season is $2,798. This may seem like free money from the Treasury Department, but this amount represents the excess taxes you paid the previous year. How you use your tax refund really depends on your financial situation and your immediate needs. However, there may also be a temptation to spend your extra money on non-essential items. Bankrate shares how you should not spend your tax ...
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Tax Issues In Divorces
A divorce is always difficult, even when it is without legal hassle. One of the problems that divorce brings is with taxes. Your filing status changes, your finances may fluctuate, and with it, your tax liability. To manage the tax changes, gather as much information as you need, and seek help from a tax professional – especially before filing your return the first time after divorce. Taxpayers that are going through divorce proceedings or are newly ...
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When to Report Income Held in Foreign Banks
If you are a U.S. citizen or a resident alien, you are required to report and pay taxes on all income within and outside of the U.S. Additionally, you must also report on your tax return any foreign bank accounts or foreign investment accounts, even if those accounts do not generate any taxable income. Foreign Bank and Financial Accounts (FBAR) If you have a foreign financial account, including a bank account, brokerage account, mutual fund, unit ...
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Common IRS Myths
Myths about taxes abound, but they can become dangerous if followed. A taxpayer believing false information about the IRS, taxes, audits, or back taxes may make the wrong decisions. Here are seven of the most common IRS myths that are currently making the rounds. Taxes are Voluntary - #1 IRS Myth! Believing that paying taxes is voluntary is a myth that often leads taxpayers to face the IRS in court. It is considered a frivolous argument by ...
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7 Most Popular Tax Deductions Average Americans Claim
The following tax deductions are some of the most popular deductions because a large number of taxpayers are eligible to take advantage of them. The Motley Fool looked at past IRS data to find the provisions that most benefitted the roughly 147 million taxpayers who filed tax returns, in the most recently available tax year. Here is what they found: 1. Personal exemptions The most commonly used provision to reduce taxable income ...
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