| Enrolled Agents |
|
| Most people know that both certified public accountants and attorneys prepare taxes and are entitled to represent them in front of the Internal Revenue Service. But fewer taxpayers are familiar with the role of the enrolled agent in income tax preparation. More... |
|
|
| SIMPLE 401k Retirement Plans |
|
| A section 401(k) plan is a type of deferred compensation plan that permits an employee to have his employer set aside a portion of his or her wages in the plan on a pre-tax basis. Upon making an election to participate in a 401(k) plan, the contributed wages are not subject to income tax withholding at the time of the deferral. Thus, they are not taxable wages at that time. However, they are subject to Social Security, Medicare, and federal unemployment taxes. More... |
|
|
| Inherited IRAs |
|
| How you treat a traditional IRA that you have inherited depends on whether you inherited the retirement plan from a spouse or from someone other than a spouse. More... |
|
|
| Alternative Minimum Tax for Individuals |
|
| Congress enacted the alternative minimum tax (AMT) to prevent any taxpayer with substantial income from avoiding at least a minimum tax liability. High-income taxpayers often benefit from huge tax savings by making use of certain deductions, credits, exemptions, and losses, and without the AMT, they might be able to completely and legally escape income taxation. The AMT is a separate tax computation that basically eliminates many deductions and credits. It works to recapture some of those tax breaks available primarily to high-income taxpayers and to maintain tax equity. More... |
|
|
| Overly Aggressive Tax Planning Strategies |
|
| The Internal Revenue Service enforces existing tax laws against not only listed tax shelter transactions but also against all tax planning strategies they consider overly aggressive. More... |
|
|