Individual Tax

/Individual Tax

Everything U.S. Expats Need to Know About IRS Tax Forms (But Were Afraid to Ask)

By |March 16th, 2015|

As an American living overseas, each year you have to gather the information required to file a U.S. return.  Unlike your compatriots, residing across the pond comes with its own process: complicated and with more risk and penalties.  The following article sheds light on the expat, tax forms you will need in order to file your return. Full Article

Tax Tips for Forest Landowners for the 2014 Tax Year

By |January 13th, 2015|

Linda Wang of the United States Department of Agriculture has created a summary of the newest tax laws related to timber. Tax laws on timber transactions are very specialized knowledge that are not commonly known. Yet they are important to timber owners in terms of the ongoing cost of owning and managing timber, forest stewardship [...]

Are you moving out of state? Changing addresses could change your taxes

By |December 16th, 2014|

Are you retiring and moving to Florida or relocating due to a new job?  If you are moving out of state, the following article will assist you in what you need to consider with regard to documenting and reporting your change in address as well as income tax consequences.    Click the link to read the full [...]

IRS Phone Scams Remain a Threat

By |September 11th, 2014|

Officials Say the Actual IRS Will Never Make First Contact by Phone Con artists posing as Internal Revenue Service agents are back in the news. Despite previous warnings from government officials, some taxpayers still haven't gotten the message. "There are clear warning signs about these scams, which continue at high levels throughout the nation," IRS [...]

Interested in the new Alabama Dual Enrollment Tax Credit?

By |August 19th, 2014|

A new Alabama income tax credit is available for Alabama individuals and businesses that contribute cash to the Alabama Department of Postsecondary Education (ADPE) for qualifying educational expenses directly associated with the state’s Career‐Technical Dual Enrollment Program. The tax credit was created by House Bill 384 (Act No. 2014‐147, the “Act”), which was sponsored by [...]

Back to School Sales Tax Holiday

By |July 23rd, 2014|

Beginning at 12:01 a.m. (CST) on Friday August 1, 2014, and ending at twelve midnight on Sunday August 3, 2014, Alabama will hold its 8th annual sales tax holiday giving shoppers in Tuscaloosa County the opportunity to purchase certain school supplies, computers and clothing free of state and local sales tax. Not all cities participate [...]

It’s July…Can You Still Make an IRA Contribution for 2013?

By |July 7th, 2014|

We get this question a lot at this time of the year.    If your tax return is on extension and you are now preparing the return, can you still make an IRA contribution? Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for [...]

Inherited IRAs not protected in bankruptcy according to the Supreme Court

By |June 23rd, 2014|

Last week, the Supreme Court unanimously ruled that inherited IRAs are not protected in bankruptcy under federal law. The Court’s decision resolved the bankruptcy question about inherited IRAs in the federal courts, but it does not resolve all questions because state laws also control the bankruptcy protection. Each state’s law is different, here is a [...]

Are you familiar with the Alabama Historic Rehabilitation Tax Credit?

By |May 27th, 2014|

Our own Dan Johnson, a JMF supervisor, was one of the speakers at the Alabama Preservation 2014 Conference in Florence Alabama on April 24th. He had the peculiar task of explaining how to file the new Alabama Historic Rehabilitation Tax Credit on the AL tax forms that do not yet exist. This presentation is a [...]

Alabama Tax Filing Extensions Offered to Storm Victims in Nine Alabama Counties

By |May 13th, 2014|

Due to recent flooding and tornadoes, the Alabama Department of Revenue has offered taxpayer relief in the federally-declared disasters areas of Baldwin, Blount, DeKalb, Etowah, Jefferson, Lee, Limestone, Mobile, and Tuscaloosa counties, or whose business operations are located in those counties, until Oct. 15, 2014, to file certain Alabama tax returns that have a due [...]