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 …

LAW OF THE LAND: Small business health care tax credit

William L. "Bill" Martin III Issues

The Affordable Care Act, popularly, or unpopularly, known as “Obamacare,” includes a small business health care tax credit, which can benefit small employers who provide health coverage to their employees. The small business health care tax credit applies to employers who: have fewer than 25 full-time equivalent employees pay an average wage of less than $51,600 a year pay at …

LAW OF THE LAND: Taxpayer Bill of Rights: The Right to Be Informed

William L. "Bill" Martin III Issues

In response to a number of issues, the Internal Revenue Service adopted a “Taxpayer Bill of Rights” (TBOR) in 2014. In all, the TBOR spells out 10 rights for Taxpayers. This article explores the first of those rights – “The Right to Be Informed.” Under The Right to Be Informed, taxpayers have the right to know what they need to …

LAW OF THE LAND: Medicare Part B and TRICARE for life – why you need to pay attention

William L. "Bill" Martin III Issues

Title XVIII of the Social Security Act (Act) provides for federal health insurance for the aged and disabled under Hospital Insurance (Part A) and Supplementary Medical Insurance (Part B) programs. Generally, individuals are eligible to enroll in the Part B program when they reach age 65 and are either citizens or resident aliens continuously living in the United States for …

LAW OF THE LAND: Get advice if struggling financially

William L. "Bill" Martin III Issues

The foreclosure crisis is close to an end, but there are still folks who are saddled with massive debts who are looking for some help. Unfortunately, there are entities looking to profit from the situation by offering “debt relief” assistance. In Florida, Attorney General Pam Bondi is taking action and recently announced the filing of a $7 million stipulated consent …