The Alternative Minimum Tax (AMT) was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. But because it was not automatically updated for inflation, more middle-class taxpayers were getting hit with the AMT each year. Congress
I’ve provided many updates over the years on my personal tax deductible investment loan, as well as my picks for the best Canadian dividend stocks to hold a Smith Manoeuvre account.Over the last 16 years I’ve received hundreds of thousands of dollars in dividend payments, and the “ticker...
get a million dollars. Now.. you say, ‘Steve.. what do I say to the tax man when he comes to my door and says, ‘You.. have never paid taxes?’ Two simple words. Two simple words in the English language: ‘I forgot!'” — Steve Martin Share </> Quote Image “You’ve ...
Supreme Court in an effort to squeeze millions of dollars of tax revenue from businesses beyond its borders. …This unconstitutional tax grab cuts to the heart of the Commerce Clause, which gives Congress the power to regulate trade “among the several States.” Alabama’s regulation directly ...
When filing your taxes, a set amount on which no taxes are paid is called ___. Do I have to file Federal or State taxes if I made less than 5,000 dollars this year? I promise to lower income tax rates. And I won't have to cut spending, because the lower rates will induce ...
The limits are even more closely watched by those in the financial industry given that even marginal increases in these limits can result in billions of dollars in additional retirement savings. Limits are reviewed every year based on final inflation figures per the latest cost of living adjustment...
Q. If I become ill and receive disability insurance benefits, must I pay tax on the benefits? A. Maybe yes - maybe no! Generally, if your employer paid the insurance premiums or they were paid with pre-tax dollars, the benefits are taxable. If you paid the premiums, benefits would not...
and many small business owners leave money on the table by deducting these on Schedule A versus Form 1040. Schedule A has tall hurdles to allow for deducting medical expenses including health insurance premiums. This little “gotchya” could cost you several hundred dollars in taxes. Have you co...
You won’t be able to make the most of nonrefundable tax credits that reduce the amount of taxes you owe to zero and still have dollars left over. That amount isn’t refundable.2 Refundable tax credits do provide you with a refund if they have money left over after reducing your tax ...
What FSAs and HSAs have in common is that you contribute to them before you pay income tax on your earnings—thus stretching the dollars you have to spend on healthcare. If you have one-time or recurring medical expenses or an upcoming procedure that is not fully covered by insurance, ...