Month: September 2015

How Your Income Affects Your Premium Tax Credit

You are allowed a premium tax credit only for health insurance coverage you purchase through the Marketplace for yourself or other members of your tax family. [...]

Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits

WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for [...]

Job Search Expenses May be Deductible

People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are [...]

Projected 2016 Tax Rates and Brackets – Tax Penalties To Rise

Taxpayers are getting a little bit of a warning that changes in tax brackets and higher IRS penalties are coming soon. Bloomberg BNA released Projected 2016 [...]

Key Tax Tips on the Tax Effects of Divorce or Separation

Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name [...]

UBTI Reporting Requirements for Partnerships and S Corporations

Before one determines how to report unrelated business taxable income (UBTI) on a Schedule K-1, a quick review of the basics of UBTI is in order. It is worth [...]

Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis

Unmarried taxpayers who co-own a residence can each deduct interest payments on home-acquisition and home-equity debt up to the $1.1 million limit in Sec. [...]

Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

The Internal Revenue Service today encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost [...]

EB-5 VISA and its tax implications

The EB-5 VISA is program created by the Congress in 1990, which grants an EB-5 VISA holder to conditionally becoming a permanent resident aliens of the United [...]

Special per-diem rates issued for 2015–2016 travel

On Wednesday, the IRS issued its annual update of special per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling [...]