Taxes

First enacted in 2013 to raise revenue for the Affordable Care Act, the Net Investment Income Tax (NIIT) introduced a 3.8% tax on net income from certain investments. This tax affects estates, trusts, and individuals with Modified Adjusted Gross Income (MAGI) over a certain threshold. Meaning that if you have yearly net income from rental, […]

Every year, millions of Americans resolve to finally get themselves organized in the New Year. Unfortunately, when it comes to financial paperwork, it’s very easy to feel beaten before you even start. There always seem to be a small mountain of documents. Add in the inevitable tax season once a year and the pile grows […]

If you recently received a “Notice CP21C” from the IRS, you can breathe a sigh of relief. The letters were sent in error, the IRS confirmed last week. The notices had many citizens worried, since they suggested that stimulus payments could be taken or garnished to pay off previous tax debt. Many Americans desperately need […]

When it comes to paying taxes, you need to know what you’re doing. Making a mistake can be costly. Backup withholding is a process where a payer must hold back a portion of the payment to another person, in order to protect the IRS’s share. This usually occurs when you are paying someone who has […]