Mark Luscombe
Mark Luscombe
afford candidates helped hope ideal initial pay savings tax
Ideal candidates would be those who can afford to pay a little more now with the hope of long-term savings down the road, helped out a little by the tax savings on the initial investment.
advantage bush cuts people tax
Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available.
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The odds of winning the grand prize are less than one in 146 million, but it's a sure bet that if you do win a big jackpot, you're going to also have a big tax bill, with more than one-third of your winnings going to the IRS.
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You don't have a filing requirement because you don't have a tax due. But if you had withholding, you've paid tax. It's worth your while to file a return to get your money back.
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Compared to some other tax issues, like passive loss rules and stuff like that, it's not all that complicated, but people involved in things like passive loss rules can usually afford to pay for some sophisticated help.
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No self-respecting tax practitioner would sign on to any of these.
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In spite of all the talk about simplicity, in fact the tax code has gotten more complicated every year.
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By splitting up a large distribution and taking part in December and part in January, you may avoid moving to a higher tax bracket in either year, and keep more of your Social Security benefits from being taxed as well.
means taxes
For taxpayers, it means doing your taxes twice.
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Increasing the length of the automatic extension will save taxpayers some time and trouble, but it's still smart to file as soon as you can.
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People who don't live in presidential-declared disaster areas get help, but not the most help or the quickest. Those in declared disaster areas but not in the Hurricane Katrina-Rita-Wilma areas get more help quicker, while those in the Katrina-Rita-Wilma disaster areas get most.
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Congress failed to extend the exemption increase into 2006. I think they still intend to do that, just retroactively.
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There are a lot of little wrinkles as to how exclusive the use of the office has to be.
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What's really complex about it is you're going to have to do allocations you've never had to do before.