INDIVIDUAL TAX | 10/18/2024 If you have a high income, you may be subject to two additional taxes: the 3.8% Net Investment Income Tax (NIIT) and the 0.9% Additional Medicare Tax on certain earnings. Here’s an overview of how these taxes work and strategies to help minimize their impact. 1 The 3.8% Net Investment Income …
INDIVIDUAL TAX | 10/12/2024 Remote work has become a lasting arrangement for many industries, offering flexibility and benefits for both employers and employees. However, working remotely, especially across state lines, can lead to unexpected tax consequences. Whether you’re an employee or an employer, understanding these implications is essential to avoid surprises and ensure compliance. Tax …
INDIVIDUAL TAX | 09/07/2024 Dealing with unexpected tax bills can be overwhelming, especially if the liability stems from your spouse’s or ex-spouse’s errors. The IRS’s joint and several liability rules hold each spouse jointly responsible for the full tax liability on a couple’s combined income when filing a joint tax return. This means the IRS …
INDIVIDUAL TAX | 09/02/2024 Series EE savings bonds have been a popular choice for Americans looking to save for college or support national initiatives. Initially issued in 1980 to replace Series E bonds, they were branded as “Patriot Bonds” from 2001 to 2011 to symbolize support for the nation’s anti-terrorism efforts. If you own Series …
INDIVIDUAL TAX | 08/25/2024 During the COVID-19 pandemic, many people transitioned to working from home, a trend that continues today with many still operating from their home offices either full-time or on a hybrid basis. If you’re self-employed and manage your business from home, or handle specific tasks there, you might be eligible to claim …
INDIVIDUAL TAX | 08/15/2024 Estimated tax payments ensure individuals who don’t have sufficient federal taxes withheld throughout the year contribute their fair share. These payments apply if your income comes from sources such as interest, dividends, self-employment, capital gains, pensions, or other non-withheld income. If you need to make estimated tax payments, understanding the rules …
INDIVIDUAL TAX | 08/10/2024 Equity-based compensation is a valuable tool for attracting and retaining top talent, but it comes with complex tax and accounting implications. Common forms of equity-based compensation include: Understanding the nuances of equity-based compensation is critical to managing tax liabilities and ensuring compliance with IRS and financial reporting requirements. Tax Considerations for …
INDIVIDUAL TAX | 07/07/2024 For many Americans, disability income provides essential financial support during challenging times. If you currently receive or expect to receive disability benefits, it’s important to understand how they’re taxed. The tax treatment depends on the type of benefit and, most importantly, who paid for the coverage. Key Consideration: Who Paid for …
INDIVIDUAL TAX | 06/05/2024 Business vehicles can be crucial for your company’s operations, but the costs of purchasing and maintaining a company car can be substantial. For small- to medium-sized business owners, buying a vehicle for business use can take up a significant portion of the annual budget. To offset some of these expenses, you …