Tax law is tough. Even seasoned tax professionals can have questions about certain transactions or tax planning strategies. You can get most questions answered online or by a tax professional. But if you’re still stumped after that, you can request a private letter ruling from the IRS. Here’s how.
Employers don’t have to count certain fringe benefits as employee wages, but others they do. Not including these required benefits in employee income can be a costly error for both parties due to the risk of tax audits and penalties. Learn which fringe benefits you must report as income.
The stepped-up basis loophole is part of the tax code that applies to inherited assets. The rule allows you to avoid capital gains on assets you pass to your heirs, lessening the tax burden on your heirs when they inherit from you. Learn about the stepped-up basis loophole and what it means for you.
Most people never pay the alternative minimum tax, also known as AMT. Only about 0.1% of U.S. households paid the AMT, and the majority of those had income greater than $1 million. Calculating the AMT is complicated — learn the basics of how it works if you believe you may have to pay AMT.
Property taxes are complicated, and sometimes tax assessors overestimate the value of a property and calculate taxes based on an inflated number. Not happy with your property tax bill this year? Use this general overview of the property tax assessment appeals process to prepare and file your appeal.
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