by ABIP | Jun 8, 2023 | Accounting, Individuals, News, Newsletter, Taxes
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...
by ABIP | Jun 7, 2023 | Individuals, News, Newsletter, Taxes
Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...
by ABIP | Jun 6, 2023 | Individuals, News, Newsletter, Taxes
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications — because not all retirement country destinations are...
by ABIP | May 4, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...
by ABIP | May 3, 2023 | Accounting, Individuals, News, Newsletter, Taxes
Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...
by ABIP | May 2, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income...
by ABIP | May 1, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult...
by ABIP | Apr 13, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. What Is the NIIT? The NIIT is a 3.8 percent tax on...
by ABIP | Apr 13, 2023 | Business, Individuals, News, Newsletter, Taxes
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people...
by ABIP | Apr 13, 2023 | Accounting, Individuals, News, Newsletter
If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax...
