If you have children and a low tax bill, you may need IRS Form 8812 to claim all of your Child Tax Credit.
The Financial Crimes Enforcement Networkadministers the Bank Secrecy Act(BSA), the central anti-money laundering statute of the U.S. "Bank Secrecy Act" is the working title for the Currency and Foreign Transactions Reporting Act of 1970, its amendments, and related statutes, and is sometimes ca...
Use Form 8824 to report “like-kind exchanges,” that is, when you immediately buy a similar property to replace one you sold. While a like-kind exchange doesn’t eliminate your taxes, it can defer them; the cost basis from your original property is transferred to the new pr...
child'sSocial Security number (SSN)who must be younger than 17. The child credit begins to phase out whenadjusted gross income (AGI)exceeds $400,000 for married couples filing jointly. For the 2024 and 2025 tax years, the refundable portion of the CTC is $1,700. These changes expire in...
Tim Dyer, a wealth manager and the founder of Dyer Wealth Management, explains, "An IAR is an investment advisor representative, which is the human element of the structure. The advisor is the IAR of the RIA." Broker-dealers, on the other hand, traditionally operate on a commission basis,...
An agent is always tasked with acting with care and competence when handling affairs of the principal. The standard is often held that the agent must act as the principal would, using discretion as if it would incurring the personal gain or loss. Though the level of care may not be explici...
At the very bottom is another table for local sales tax. The worksheet in the instructions helps you calculate the tax under different scenarios, such as if you lived in different states or if the local tax rate changed during the course of the year. Use the IRS calculator: You can ...
The ABLE act introduced these accounts under IRS Code 529A to support those with disabilities and help them save for related expenses. According to Roberts, one of the main drawing points of an ABLE account is that individuals can save without impacting their eligibility for pub...
sales and state taxes just like any other business, but there are some differences related to payroll taxes. Seasonal hires are subject to federal and state income taxes, and unless the employee is an independent contractor, you must also withhold Federal Insurance Contributions Act (FICA) ...
TheTax Cuts and Jobs Act (TCJA)made changes to the lifetime gift and estate tax credit amounts that can be sheltered by individuals. TheInternal Revenue Service (IRS)allows a maximum of $13.61 million in 2024 to be sheltered before taxes kick in ($13.99 million in 2025).1415This means...