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IRS Tax

IRS Tax

State tax deduction 10k cap

State tax deduction 10k cap Under the new tax regulations, the state and local tax deduction is capped at 10k. What does that mean? Assume you paid $6,000.00 in property tax, $12,000.00 in State income tax, and you purchased a car and paid $2000.00 in tax in a given year.…
Ansari Law Firm
July 25, 2018
IRS Tax

Early Withdrawals from Retirement Plans

Early Withdrawals from Retirement Plans Things to Remember when Considering Early Withdrawals from Retirement Plans Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top…
Ansari Law Firm
March 15, 2018
IRS Tax

Nine Facts About the Adoption Credit

Nine Facts About the Adoption Credit Adoptive parents around the country may qualify for a tax credit. Parents who either adopted a child or tried to adopt a child may claim the adoption credit. Here are nine things you should know about this credit. Credit. The credit is nonrefundable. This…
Ansari Law Firm
January 10, 2018
IRS Tax

Whitney Houston IRS Estate Tax Deal

Whitney Houston IRS Estate Tax Deal The estate of the late award-winning singer and actress Whitney Houston has reportedly reached a deal with the Internal Revenue Service to pay $2,275,366 in taxes, far less than the $11.7 million the IRS said it was owed. Houston’s estate and the IRS have…
Ansari Law Firm
January 9, 2018
IRS Tax

2017 Tax Reform Summary of Major Provisions

2017 Tax Reform Summary of Major Provisions Tax Rates 1. The Act has seven tax brackets (ranging from 10% to 37%): 10%, 12%, 22%, 24%, 32%, 35%, and 37%. 2. The 37% bracket would begin at: $600,000 for joint returns/surviving spouses (39.6% rate starts at $470,700 for 2017) 3. The…
Ansari Law Firm
January 2, 2018
IRS Tax

Bitcoin Tax Attorney Atlanta

Bitcoin Tax Attorney Atlanta The IRS has ruled that bitcoins and other convertible virtual currencies are considered property and not treated as currency. Virtual currencies are property for tax purposes, meaning you will have capital gain or loss when disposing of virtual currency. Income is taxable, even if you are…
Ansari Law Firm
December 20, 2017
IRS Tax

New Republican Trump Tax Bill 2017

New Republican Trump Tax Bill 2017 A new tax cut for the rich: The final plan lowers the top tax rate for top earners. Under current law, the highest rate is 39.6 percent for married couples earning over $470,700. The GOP bill would drop that to 37 percent and raise the threshold…
Ansari Law Firm
December 16, 2017
IRS Tax

Moving Expenses May Be Deductible

Moving Expenses May Be Deductible Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the moving expense deduction when filing a federal tax return. Home means the taxpayer’s main home. It…
Ansari Law Firm
November 17, 2017
IRS Tax

Wage Statements and Independent Contractor Forms

The Internal Revenue Service today reminded employers and other businesses of the Jan. 31 filing deadline that now applies to filing wage statements and independent contractor forms with the government. The Protecting Americans from Tax Hikes (PATH) Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with…
Ansari Law Firm
November 17, 2017