1,454 plain-English guides on us tax, each one ending in what to do next.
Page 17 of 61, newest first.
The accumulated earnings tax (AET) under IRC 531-537 is a 20% penalty tax on C-Corporations that accumulate earnings beyond the reasonable needs of the.
US TaxThe Additional Medicare Tax (IRC 3101(b)(2)) imposes a 0.9% surtax on wages and self-employment income exceeding $200,000 (single) or $250,000 (MFJ).
US TaxIRC 461(l) limits the amount of business losses that non-corporate taxpayers can deduct against non-business income to $305,000 (single) or $610,000 (MFJ).
US TaxThe Alternative Minimum Tax (IRC 55-59) is a parallel tax system that ensures higher-income taxpayers pay at least a minimum amount of tax.
US TaxThe Alternative Minimum Tax (AMT) is a parallel tax system under IRC 55-59 that ensures taxpayers with significant deductions, exemptions.
US TaxThe alternative minimum tax (AMT) under IRC 55-59 is a parallel tax system that ensures high-income taxpayers cannot use certain deductions and exclusions.
US TaxFile Form 1040-X to correct errors on a filed return within 3 years of filing or 2 years of paying the tax, whichever is later.
US TaxForm 1040-X allows taxpayers to amend previously filed returns within 3 years of the original filing date (or 2 years from the date tax was paid.
US TaxBusiness owners with seasonal or irregular income can use the annualized installment method (Form 2210 Schedule AI) to calculate estimated tax payments.
US TaxThe assignment of income doctrine prevents a taxpayer from avoiding taxes by directing income they have earned to another person or entity.
US TaxThe at-risk rules under IRC 465 limit a taxpayer's deductible losses from a business activity to the amount they have 'at risk' in that activity.
US TaxThe IRS audits approximately 0.4% of individual returns but targets specific patterns: high Schedule C deductions relative to income.
US TaxThe overall individual audit rate is approximately 0.4%, but certain factors dramatically increase the odds: high Schedule C income with large deductions.
US TaxCertain patterns on Schedule C increase the likelihood of an IRS audit: high deductions relative to income, cash-intensive businesses, consistent losses.
US TaxSchedule C is the most-audited form on a personal return. Common triggers: reporting a loss (especially multiple years in a row).
US TaxIRC 280A(g) allows homeowners to rent their home for up to 14 days per year without reporting the rental income. Augusta Rule mechanics: 1.
US TaxThe standard mileage rate for 2025 is 70 cents per mile. The actual expense method deducts fuel, insurance, repairs, depreciation, and registration.
US TaxHigh-income business owners can use the backdoor Roth IRA strategy to contribute to a Roth IRA regardless of income.
US TaxBackdoor Roth IRA mechanics: Step 1: Contribute to a traditional IRA. - Contribute up to $7,000 ($8,000 if age 50+) to a.
US TaxBackup withholding rules: 1. When backup withholding is required (IRC 3406): - The payee (contractor) fails to provide a.
US TaxBackup withholding under IRC 3406 requires payers to withhold 24% of certain payments (interest, dividends, rents, royalties, commissions.
US TaxBad debt deduction rules: Cash basis vs. accrual basis: | Accounting Method | Invoice Sent | Payment Received | Bad Debt.
US TaxBusiness bankruptcy creates significant tax consequences that differ based on the chapter filed.
US TaxBartered services and goods are fully taxable at fair market value. Barter income rules: The basic rule: - Barter income = fair market value of.