Alternative Minimum Tax – Not This Year!

After debating for months on how to fix the alternative minimum tax, Congress recently issued a tax reprieve which postpones the use of the alternative minimum tax for one year. As this tax is becoming more and more common among middle-income taxpayers, its important to understand the basics as it will likely be back in future years.

3 Tax Updates Businesses Should Know About

This summer Congress increased the minimum wage. In order to offset the increase in expenses, Congress also allocated money for tax breaks for these businesses. This article lists 3 of the ways to take advantage of these tax breaks.

Change In The 2006 ‘Kiddie Tax’

The ‘kiddie tax’ has been changed to apply to all children under the age of 18. It previously only applied to children under the age of 14. Therefore, for children under 18, all unearned income greater than $1,700 will be taxes at the parent’s top tax rate.