Taxpayers face challenges as tax provisions sunset in 2025
Unless Congress acts, current tax rates and most tax provisions in the tax code will sunset in 2025.
Tag: AMT
Lawmakers eye paths to enhance SALT deduction
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.
Tax reform clears another hurdle
A House-Senate conference committee will need to iron out the differences following Senate passage of a tax reform bill that differs from the House version.
Potential changes to deductions make tax planning critical
The current tax reform debate in Washington makes tax planning critical as year end approaches.
House Republicans unveil tax reform plan
House Republicans introduced a tax reform bill that would reduce tax rates, eliminate some taxes, and make changes to certain deductions.
How many of your clients are subject to the AMT?
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
Use the 1040 form to uncover opportunities for clients
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
Are your clients at risk of owing AMT? Millions are.
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
Five tax strategies before the fiscal cliff
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