Archive for April, 2021

Friday 04/09/2021

Navigating the Alternative Minimum Tax (AMT): Updated for 2021

Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability. Long-Term Contracts and AMT When reporting regular tax calculations, […]

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Wednesday 04/07/2021

Special Tax Considerations for Self-Employed Individuals

Filing income taxes when you are self-employed can present a different set of considerations and challenges than working for an employer. Planning ahead and staying organized will help you stay on top of your tax responsibilities while you build your business. Am I Considered Self-Employed? The IRS has three different categories for self-employed individuals: Sole […]

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Monday 04/05/2021

IRS Impersonation Scam Targeting College Students

College and university students should be on alert for an IRS-impersonation scam targeting educational institutions, including anyone with a .edu email address. The phishing scam sends the recipient an email that looks like it comes from the IRS and has a subject line like “Tax Refund Payment” or “recalculation of your tax refund payment”. There […]

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