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, 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...
by ABIP | Mar 7, 2023 | Individuals, News, Newsletter, Taxes
Taxpayers in 21 states received special payments related to general welfare and disaster relief in 2022. However, according to recently issued guidance from the IRS, they will not need to report these payments on their 2022 federal tax returns. The special tax refunds...
by ABIP | Mar 3, 2023 | Business, Individuals, News, Newsletter, Taxes
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business Together Generally, a qualified joint...
by ABIP | Mar 2, 2023 | Individuals, News, Newsletter, Taxes
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...
