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Tax Article Archives

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Tax Articles

Kiddie Tax

If your child has unearned income (interest, trust payments, or just about anything other than earnings at a job), your child will have to pay the so-called “kiddie tax” at your highest marginal tax rate. The threshold amount for the kiddie tax has been increased to $1800 in 2008 and $1900 in 2009.

Paying the babysitter

If you have a nanny or a cleaning service, the annual threshold amount for having to report and pay employment taxes is $1,600 for 2008 and $1,700 for 2009. If your yearly payments to any one domestic employee exceed these amounts, you have to report withheld income and social security taxes on your individual tax…

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Phase out of itemized deductions + personal exemptions

If you bump up against certain income thresholds, your itemized deductions and personal exemptions start disappearing. The reduction does not apply to deductions for medical expenses, investment interest, nonbusiness casualty and theft losses, and gambling losses. Luckily, these thresholds are increased each year for inflation. For 2009, the applicable amount is $166,800 for married couples.…

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Mortgage forgiveness not taxable

Congress has extended the tax exclusion for forgiven mortgage debt through 2012. There is a $2 million limit ($1 million for married individuals filing separately) on this tax exclusion, and the loan must have been used to buy or improve your principal residence. Under previous law, forgiven debt would be considered taxable income by the…

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Unlawful internet gambling enforcement act – final rule

The Act prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. Such transactions are termed “restricted transactions.” The Act generally defines “unlawful Internet gambling” as placing, receiving, or otherwise knowingly transmitting a bet or…

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The Amero

The Amero is not (as of yet anyhow) a valid currency to pay your US tax obligations with. IT is at this point a “currency” that is believed by many to one day replace the greenback – US Dollar – when the value of the US Dollar declines to insignificance. It is not (again as…

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