For an LLC with flow-through taxation, basis is a very important consideration. Members of an LLC can deduct certain losses of an LLC allocated to them to the extent of their tax basis in their LLC interest (subject to a few limitations). A member’s tax basis can never be less than zero, even though it […]
Taxpayers with Adjusted Gross Income between $15,000 to $30,000 averaged charitable contributions of $1,890. Taxpayers with AGI between $30,000 and $50,000 averaged $2,006 in charitable contributions. Taxpayers with AGI between $50,000 and $100,000 averaged $2,530 in charitable contributions. Taxpayers with AGI between $100,000 and $200,000 averaged $3,875 in charitable contributions. Taxpayers with AGI over $200,000 […]
Anyone who has prepared their own tax return is probably familiar with the rule that out-of-pocket deductions are generally only deductible if they exceed 7.5% of the adjusted gross income (AGI). But for taxpayers who are subject to the Alternative Minimum Tax, medical expenses are only deductibe in excess of 10% of their AGI. This […]
FAILURE TO FILE A RETURN. There is a 5% penalty for unpaid taxes per month (or fraction thereof) for failing to file a tax return. The maximum penalty is 25%, with a minimum penalty of $100 or %100 percent of the required tax shown on the return if the return is not filed with 60 […]
Some suggestions: In Fiscal 2004, the number of criminal convictions almost doubled on fewer initiated investigations than the prior two years, with the average sentence running 19 months for tax evasion.
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