It’s a new dawn, a new day, and we have a new President.
Whether we enjoy the benefits of the reforms he has promised remains to be seen. For those of you who are not aware of the promises Trump has made regarding tax reform, I’ve provided them for you below.
You are entitled to one personal exemption for yourself, one for your spouse (if filing a joint return), and one exemption for each dependent that you claim on your tax return. The exemption amounts are generally increased year by year, as adjusted for inflation, and the amount for tax year 2014 is $3,950 ($4,000 for tax year 2015). Three critical tests, however, must be met before you can claim someone as a dependent.
If you could be claimed as a dependent by another taxpayer, you cannot claim anyone as a dependent on your tax return. This is true even if you have a qualifying child or qualifying relative. Also, if you file a joint return with your spouse, and can be claimed as a dependent by someone else, you and your spouse cannot claim anyone as a dependent Read more
Transfer Pricing Has Been Cited By IRS As One Of Their Most Important Enforcement Priorities
R&D Tax Credits – IRS Form 8974, IRS Form 6765, IRS Form 3800 And The Tax Cuts And Jobs Act
Obstruction Of Justice: An Intentional Effort To Interfere With Government Investigation Or Prosecution Of Crime Or Enforcement Of The Laws
State Tax Issues Associated With Troubled Companies: Part Two- Sales and Use Taxes
How People Can Reconstruct Records Lost In A Natural Disaster
