by Arthur Geffen | Nov 2, 2015 | Estate Tax, Income Tax, IRD
If you are withdrawing funds from an inherited retirement account, you might be overlooking a sizable income-tax deduction. Officially called the estate-tax deduction, but better known as the IRD deduction (which stands for income in respect of a decedent), it...
by Arthur Geffen | Oct 30, 2015 | Income Tax
Follow these links to see what your tax bracket will look like next year. The 2016 tax brackets just announced by the Internal Revenue Service don’t include dramatic changes, largely because of low inflation last year. The brackets will rise about 0.5 percent, the IRS...
by Arthur Geffen | May 19, 2015 | Income Tax
The U.S. Supreme Court held in a 5–4 decision on Monday that the personal income tax system imposed by the state of Maryland, which did not give taxpayers a credit against their county income tax for taxes paid to other states, violates the dormant Commerce...
by Arthur Geffen | Apr 1, 2015 | Income Tax
Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to...
by Arthur Geffen | Mar 18, 2015 | Income Tax
After you’ve itemized deductions on your income tax for a few years, you get to know the drill. You track charitable contributions—even the little ones—and know what unreimbursed work-related expenses are legit. But even experienced itemizers miss things....
by Arthur Geffen | Jan 28, 2015 | Income Tax
Knowing when someone qualifies as a tax dependent can be trickier than it seems. These 12 examples help clear up the confusion about who you can and can’t claim as a dependent on your tax return. The Dirty Dozen: 12 Tricky Tax Dependent Dilemmas –...
