Are you subject to the Net Investment Income Tax (NIIT)?
The NIIT is a 3.8% tax that applies to individuals, estates, and trusts. It kicks in when your net investment income or your modified adjusted gross income (MAGI) exceeds certain thresholds. Here’s the breakdown based on filing status: Married filing jointly $250,000 Married filing […]
Introducing the New IRS Online Tool for Business Taxpayers
The Internal Revenue Service (IRS) has recently launched a new online self-service tool designed to help business taxpayers access their tax account information anytime, anywhere. This tool is part of the IRS’s ongoing modernization efforts to improve services for taxpayers. What Can You Do with the IRS Online Tool? Whether you’re a sole proprietor, an […]
Maximize Tax Savings with Bonus Depreciation and Section 179
If you’re a business owner aiming to boost tax benefits from investments, understanding bonus depreciation and Section 179 expensing is crucial. These two tax incentives can significantly reduce taxable income and enhance cash flow. Here’s a concise guide on how to maximize your tax savings for the 2023-2024 tax years. This strategy allows businesses to […]