Taxes Archives |

1099-DA

IRS updates draft version of Form 1099-DA, Digital Asset Proceeds From Broker Transactions; requests comments on form planned for 2025 The Internal Revenue Service today posted an early draft of the updated Form 1099-DA, which is the form for brokers to report certain...

Passive Rental Losses

Normally, the passive loss rules bar deducting rental real estate losses. But there are two exceptions. The first is for real estate professionals who spend more than 50% of their working hours and over 750 hours each year materially participating in real estate as...

Who pays what in taxes

The income tax burden on high-incomers rose for 2021, per IRS statistics. The top 1% of individual filers paid 45.78% of all U.S. federal income taxes… up from 2020’s figure of 42.31%. They reported 26.3% of total adjusted gross income. Filers needed AGIs of at least...

2017 TAX LAW

Most individual tax provisions in the 2017 tax reform law expire after 2025. They include tax rates and bracket changes, higher standard deductions, repeal of personal exemptions, the $10,000 cap on deducting state and local taxes on Schedule A, and others that we...

Tax Penalties

If you file your taxes late in the U.S., you may face two primary penalties: the late filing penalty and the late payment penalty. Late Filing Penalty – The penalty for not filing your tax return on time is 5% of the unpaid taxes for each month or part of a...

The pesky thing about taxes

The IRS has this pesky thing about taxes, they expect them to be paid. I have a couple of clients who are independent contractors and they should be. But they tend to not gross a lot of money and never plan for the inevitability of income taxes. They believe that they...

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