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Almost half of all marriages end in divorce. This article discusses the rules on divorce and social security with the goal of helping you maximize your benefits. Before filing for social security, you should get the facts on your marriage(s) durations and divorce dates.
The "Cadillac Tax" is a 40% penalty (excise tax) on health insurance plans and a provision of the Affordable Care Act that takes effect on January 1, 2018.
If you withdraw money from your individual retirement account before age 59 1/2, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. This means a $5,000 withdrawal taken by a mid-career worker in the 25 percent tax bracket would result in $1,750 in taxes and penalties. But there are a variety of ways to avoid the IRA early withdrawal penalty if you meet specific criteria:
The Alabama Court of Civil Appeals issued a ruling concerning the post-divorce treatment of beneficiary designations naming a former spouse.
The idea that there’s no such thing as a free lunch could eventually ring true for employees who get complimentary meals at work, as the Internal Revenue Service and Department of the Treasury have taken a step closer to potentially taxing such meals. Last year, the IRS suggested in its Priority Guidance Plan that it was exploring modifying sections of the Tax Code concerning employer-provided meals that it believed were problematic.
The trust fund recovery penalty allows the IRS to collect the unpaid withholding taxes from the assets of the owners and operators of businesses. It penalizes those who had control over the decision to divert the payroll money from the IRS to other creditors of the business. The trust fund recovery penalty is equal to the income taxes, social security taxes, and Medicare taxes withheld from employee paychecks.
Interesting Estate Tax Facts. The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is imposed only on the portion of an estate’s value that exceeds a specified exemption level — $5.43 million per person (effectively $10.86 million per married couple) in 2015.
Affordable Care Act, Taxes, Fines and Employer Mandates
Alabama has passed into law the most impressive set of economic development tax credits in decades.
There is a way to make tax liens disappear from your credit reports completely, and quickly, though. Unfortunately, not all taxpayers who are dealing with this problem know about it.
When couples divorce, property transfers and alimony payments will usually result in a substantial tax impact to the parties.
I have provided 5 often overlooked tax deductions that just might save you real money on your taxes this year.
As we approach another tax season, an area of taxation that can be complicated for taxpayers involves the tax treatment of irrevocable trusts.
An offer in compromise allows you to settle your tax debt for less than the full amount you owe.
An individual who can qualify as a “real estate professional” for federal tax purposes enjoys some unique tax benefits.
recent blog posts
Coach Saban wins a Tax Court case against the IRS involving a worthless debt on $2 million dollars he had loaned for a real estate construction project.
2019 Internal Revenue Service (IRS) Standard Mileage Rates.
Taxation of alimony under Trump’s tax plan and prior tax law with an analysis of divorce and taxation pursuant to Alabama state law.
The recently enacted tax reform bill has made significant changes to the taxation of business. This post summarizes some of the more substantial changes.
Subject matter jurisdiction in Alabama divorce cases.
Employer-owned life insurance policies issued after August 17, 2016 are subject to taxation by the IRS unless they qualify for an exception.
The Internal Revenue Service has released its annual list of tax scams. A summary of the list, called the "Dirty Dozen" is provided in this article.