LAW OF THE LAND: Alternative Minimum Tax – Say What?

William L. "Bill" Martin III Issues

It’s tax time again, and as you are filling out the forms, don’t be surprised if your taxes aren’t as straightforward as they should be. Depending on your income, you may have to pay what is known as the “Alternative Minimum Tax” or AMT. The AMT is an income tax imposed at nearly a flat rate on an adjusted amount …

LAW OF THE LAND: Higher education can lead to tax savings

William L. "Bill" Martin III Issues

If you spent any money on higher education last year, it may mean savings on your taxes in 2016. If you or a significant other, including a dependent, took higher education courses (i.e., post-high school), there may be a tax credit or deduction for you. In IRS Tax Tip 2016-36, the IRS provides the following facts concerning this key tax …

LAW OF THE LAND: Self-employed? Here are six tax tips the IRS wants you to know

William L. "Bill" Martin III Issues

Self-employed individuals normally carry on a trade or business. For example, an independent contractor is generally self-employed. If this applies to you, there are a few basic things the IRS wants you to know about how income from your business affects your federal tax return. Here are six important tips from the IRS: Self-employment income can include income you received …