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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
IRS Tax

IRS End-of-Year Withholding

As the end of the year approaches, the IRS encourages taxpayers to consider a tax withholding checkup. When taxpayers take a close look to make sure the right amount of tax is withheld now, they can avoid an unexpected tax bill next year. Here are five examples of taxpayers who…
Ansari Law Firm
November 17, 2017
IRS Tax

Five Facts about Charitable Contributions

With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal…
Ansari Law Firm
November 17, 2017
IRS Tax

Seven Things to Do When an IRS Letter Arrives

Seven Things to Do When an IRS Letter Arrives The IRS mails millions of letters to taxpayers every year for many reasons. Here are seven simple suggestions on how individuals can handle a letter or notice from the IRS: Don’t panic. Simply responding will take care of most IRS letters and…
Ansari Law Firm
November 17, 2017
IRS TaxNews and Articles

Debt Cancellation May Be Taxable

Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main…
Ansari Law Firm
March 2, 2017
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