Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total tax you’ve paid in for 2012 through withholding and/or quarterly estimated payments. Check to see how much tax you have currently witheld and then project the amount that will...
In your tax planning, don’t overlook how your tax-saving strategies might be affected by the alternative minimum tax. -What is the alternative minimum tax? Enacted back in 1969, the alternative minimum tax (AMT) was designed to make sure that high-income taxpayers pay...
In navigating income tax, it’s crucial to distinguish between taxable and non-taxable sources of money. Here’s a breakdown to help you understand: Non-Taxable Income Sources Certain types of income are generally not subject to income tax: Money received as a...
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And...
Time is almost up on that six-month extension you filed back in April to give yourself more time to complete your 2011 individual income tax return. What happens if you fail to file your return by October 15, the extended due date? One consequence: Unless a...
