Since the enactment of the Tax Cuts and Jobs Act (TCJA), an individual’s federal tax deduction for state and local taxes (SALT) paid during the calendar year is limited to $10,000. The SALT limitation impacted many individual partners and shareholders. Several states responded to this limitation by issuing workarounds to enact entity-level taxes for pass-through entities where the entity pays the tax instead of its owners and then deducts the full amount of state taxes paid, thus avoiding the $10,000 limitation at the individual level. It was uncertain whether the IRS would accept this entity-level tax workaround.
If you've lost your job you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:
Tuesday, April 18, 2017, was the tax deadline for most taxpayers to file their tax returns. If you haven't filed a 2016 tax return yet, don't delay. There's still time--and it's not as difficult as you think.
As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there's always a possibility that identity thieves could steal your personal information and try to cash in by filing fraudulent tax returns in your name.
If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.
Welcome, 2017! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here's a checklist of tax changes to help you plan the year ahead.
Income Tax WithholdingIRS will mail new withholding tables (Publication 15) to reflect changes as of January 1, 2017. When available, the new withholding tables can also be obtained at the Internal Revenue website, www.irs.gov .
One of the most significant tax changes affecting higher income taxpayers was the Net Investment Income Tax that went into effect on January 1, 2013. While it tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate income taxpayers whose income increases significantly in a given tax year. Here's what you need to know:
Many of the tax changes affecting individuals and businesses for 2016 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called "tax extenders"). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019. With that in mind, here's what individuals and families need to know about tax provisions for 2016.