For tax year 2006, the alternative minimum tax (the dreaded AMT) exemption rises to $62,500 for a married couple filing a joint return and to $42,500 for single persons and heads of household. Don’t get too excited, though, as those amounts are slated to drop in 2007.
With just a few days to go in 2015, Congress finally reached an agreement on tax extenders for 2015. Nope, that’s not a typo. Congress had allowed over 50 tax breaks to expire as of December 31, 2014, and until this week, there had been no movement on extending those tax breaks for the current…
Taxpayer asks: I’m a recent college grad working 2 full-time jobs and doing some freelance work on the side. I have recently been asked to provide a w-9 for a $300.00 invoice I sent to a client, who happens to be my old boss. I was wondering, how much money should I withhold to pay…
Last year Alice Finch Lee passed away at the age of 103. The older sister of author Harper Lee, she was also known for her own extraordinary achievement: She was a practicing lawyer until the age of 100. While most Americans don’t plan on working until the century mark, many, particularly better-educated folks, are pushing…
About six months ago, I blogged “my best tax advice ever” in three easy pieces: Open Your Mail Get Some Help Make Friends With a Tax Pro Since that time, I’ve added a fourth: don’t lie to me. It’s the kind of thing that I occasionally need to shout at my kids (those of you…
My oldest daughter tans at the drop of a hat. Even in early spring, she starts to brown a little bit while the rest of us stay fairly pasty (I got it honest with my Welsh roots). She’s just now starting to realize the difference and for some reason, it bothers her (we’ve also had…
It’s Back To School Week on the blog! All week long, I’ll be answering your questions about school and tax – complete with fun giveaways. Next up: if you pay your child an allowance, what are the tax consequences to each of you?