The Sunderland Group Professional Business and Tax Services for Small Businesses, Business Owners, Individuals. Certified QuickBooks consultant.
These resource articles will help you avoid costly mistakes on your personal taxes.
More from Personal Tax Articles
What Is the Alternative Minimum Tax (AMT)?
As an individual taxpayer, you are subject to two tax systems, the regular income tax and the alternative minimum tax (AMT). You are liable for the larger, and only the larger, of the two taxes.
As an individual taxpayer, you are subject to two tax systems, the regular income tax and the alternative minimum tax (AMT). You are liable for the larger, and only the larger, of the two taxes.
The IRS Provides Relief for Retired Investors
A corporate downsizing, cutback, or layoff may have forced you into early retirement and made it necessary to begin taking distributions from your IRAs. It's important to understand the tax ramifications.
A corporate downsizing, cutback, or layoff may have forced you into early retirement and made it necessary to begin taking distributions from your IRAs. It's important to understand the tax ramifications.
Don’t Forget the Holding Period Rules for Qualified Dividends
Qualified dividends are now taxed at no more than 15%. However, don't forget that shareholders must satisfy a holding period rule to be eligible for the new low rates.
Qualified dividends are now taxed at no more than 15%. However, don't forget that shareholders must satisfy a holding period rule to be eligible for the new low rates.
Purchasing a Second Home
In light of the number of second homes being purchased, we thought this would be a good time to revisit the tax ramifications of owning that second home.
In light of the number of second homes being purchased, we thought this would be a good time to revisit the tax ramifications of owning that second home.
Use the Installment Method to Defer Taxes on Property
When at least one payment is received after the tax year in which the sale occurs, you can use the installment method to defer a portion of the income tax due on a gain from the sale of property such as an apartment or office building.
When at least one payment is received after the tax year in which the sale occurs, you can use the installment method to defer a portion of the income tax due on a gain from the sale of property such as an apartment or office building.
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