If you’re worried about the estate tax, the recent or final tax bill reduces the estate tax. The estate tax exemption has been doubled, helping thousands of American families to avoid this tax. Here’s a look at what’s changing and what’s staying the same. The New Estate Tax Exemption Under the old rules, individual taxpayers […]

The IRS yesterday released the 2017 IRS Databook. It provides an overview of the IRS’s activities over the past fiscal year. In other words, it includes activities from October 1st, 2016 to September 30th, 2017. IRS enforcement actions, which include tax levies, liens, and seizures fell in comparison to the previous year. IRS examinations dropped […]

Regardless why, you’ve decided to withdraw money from your IRA. Therefore, you need to know what tax liability (if any) you’re responsible for and if you need to make estimated tax payments. If you don’t pay estimated taxes, you may face an underpayment penalty. Paying estimated tax for IRA withdrawals is not uncommon. You need to […]

Tax returns for 2017 are due on Tuesday, April 17, 2018. Do you need to file a tax return? It depends on your income, age, filing status, and a few other factors. Generally, if you earned more than the standard deduction plus one exemption, you need to file, but here are the specifics. Need to […]

With the price increases of nearly 500 percent in 2017, bitcoin has recently caught the eyes of a lot of investors and speculators, but the IRS has had its eyes on bitcoin for years now. If you use bitcoin or other cryptocurrencies for your business, you have to report the transactions, and in some cases, […]

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