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William KeatsTax Professional Level: Master Tax Advisor
You should receive a statement from the non-profit agency to whom the donation was made. The statement should show the name of the recipient organization, the date donation made, date the acknowledgement was... Read More
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Patrick O'Hara , EATax Professional Level: Tax Enthusiast
"Net investment income" is defined in section 1411 of the internal revenue code. http://www.law.cornell.edu/uscode/text/26/1411 Beginning January 1, 2013, taxpayers will pay an additional 3.8% Medicare tax on... Read More
William KeatsTax Professional Level: Master Tax Advisor
ESOPs invest primarily in employer securities. Distributions are taxed like distributions from other qualified plans. The amount included is the FMV of the distribution minus the amount of employee after-tax... Read More
William KeatsTax Professional Level: Master Tax Advisor
The Work Opportunity Tax Credit has been extended, and possibly made permanent. The WOTC for qualified vets is figured as a credit against income tax based on a percentage of the first-year wages. The first $... Read More
William KeatsTax Professional Level: Master Tax Advisor
The exemption for 2012 is $13,000 per individual. The 2013 amount is $14,000. per individual. Read More
William KeatsTax Professional Level: Master Tax Advisor
The deduction has been extended for 2013. Read More
Virginia La Torre Jeker, J.D.Tax Professional Level: Tax Enthusiast
The Foreign Account Tax Compliance Act (“FATCA “) is US tax legislation enacted in 2010. It has various parts and some parts are not yet effective but will become so in later years. The most talked about... Read More
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