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All work and no play makes for a very long day. Take a break and play a couple fun games. Don’t forget to get back to work though as they can be ‘too’ much fun. Downloadable and play online versions available for you to enjoy.
Despite indications of increased inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-17). The rates for the fourth quarter of 2021 beginning on October 1 are: Noncorporate overpayments and underpayments: 3% Corporate overpayments: 2% generally, but 0.5% for corporate overpayments exceeding $10,000 Corporate underpayments: 3% [...]
In order to claim losses from real estate activities, other than a $25,000 loss allowance for active participants with adjusted gross income below a set amount, a taxpayer must be a “real estate professional.” This means meeting a two-prong test: Spending more than half of all personal services for the year in real property trades [...]
A qualifying child many entitle a taxpayer to a variety of breaks, including head of household status, the earned income credit, the child tax credit, and Economic Impact Payments (EIPs). Before 2018, it also means eligibility for a dependency exemption, which is set to come back into the law after 2025. Typically, parents are the [...]
Individuals with investment income may be subject to an additional Medicare tax called the net investment income (NII) tax. One couple living in France wanted to use their foreign tax credit carryover to offset their NII tax, but the Tax Court said no (Toulouse, 157 TC No. 4 (2021)). The Tax Code specifically says that [...]