What Are Estimated Tax Payments?

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...

Certain Taxpayers May Need to File an Amended Return

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...

What Is the Net Investment Income Tax?

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...

Tax Credits for Accommodating Disabled Workers

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...

Defer Capital Gains With Sec. 1031 Exchanges

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...

Federal Tax Returns: Should You File an Extension?

by ABIP | Apr 13, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know. What Is an...