While many have called for the repeal of the cap on the state and local tax deduction, a group of lawmakers continue to debate ways to enhance the SALT deduction.
The current tax reform debate in Washington makes tax planning critical as year end approaches.
This year, nearly 5 million taxpayers could be subject to the alternative minimum tax (AMT). Chris Hennessey explains the AMT and offers some strategies to reduce the liability. The AMT was established in 1970, creating two parallel tax systems. Taxpayers calculate income tax under both systems and pay the higher amount. There are some tax
During tax season, it’s common for both advisors and clients to be focused on tax filing forms. But tax forms may be used for more than just filing taxes. Consider using IRS tax form 1040 to launch a variety of planning discussions. Use the table below to see how the line items reveal information that
Approximately four million taxpayers are expected to owe alternative minimum tax (AMT), despite congressional action to adjust the exemption level. Introduced in 1969, the AMT is intended to ensure that wealthy taxpayers could not avoid income tax by exploiting weaknesses in the tax code. Since the AMT was not indexed for inflation, the number of
While there has been no action yet on the fiscal cliff, high-income earners are wise to prepare for higher taxes, fewer or capped deductions, or all of the above. The window of opportunity to take advantage of tax strategies while tax rates remain historically low is narrowing, so now is the time to contact clients