Individual Tax

/Individual Tax

Let Us Help You Make Some Tax Moves Before Year End

By |November 21st, 2016|Corporate & Partnership Tax, Entrepreneurs, Estate & Trust, Individual Tax, News & Events, Pension Admin & Consulting, SALT|

With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year. [...]

Alabama Tax Tribunal Rejects Regulation Limiting Credit for Taxes Paid to Other State

By |November 16th, 2016|Entrepreneurs, Individual Tax, News & Events, SALT|

Alabama Tax Tribunal Rejects Regulation Limiting Credit for Taxes Paid to Other State Taxpayers with multi-state income have refund potential for prior years By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group.  With over 20 [...]

Post Election Tax Update 2016

By |November 15th, 2016|Corporate & Partnership Tax, Individual Tax, News & Events|

Click here to read, download, or print the complete JMF Post Election Tax update 2016. Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number [...]

Seven Timely Tax Moves in 2016 for Individual Taxpayers

By |October 24th, 2016|Individual Tax, News & Events|

Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year. Harvest capital gains or losses. [...]

Crash Course on Education Tax Breaks

By |October 10th, 2016|Individual Tax, News & Events|

Now that your children are back in school, you might consider the available tax breaks for higher education expenses. Following extensions and modifications under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are three primary tax provisions that may benefit parents: the American Opportunity Tax Credit (AOTC), the Lifetime Learning Credit (LLC) [...]

Resources for Saving for College

By |September 1st, 2016|Individual Tax, News & Events|

By: Janet Moore, Shareholder, CPA Janet is the co-manager of the JMF Tax Department, runs the Birmingham office, and serves on the Executive Board. With more than 30 years of experience in public accounting, she assists closely-held businesses and owners with corporate, partnership, and individual income tax planning and reporting, as well as complex issues [...]

Giving the “Right Stock” to Charity

By |August 22nd, 2016|Individual Tax, News & Events|

Tax rules may affect your donations Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return. The conventional [...]

Alabama Amnesty Program to Begin June 30th

By |June 27th, 2016|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, SALT|

By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group.  With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]

Five Big Tax Penalties to Avoid

By |June 24th, 2016|Entrepreneurs, Individual Tax|

Paying income tax is bad enough, but insult is added to injury if you are assessed any tax penalties. There are numerous no-nos for individuals and small-business owners to avoid, but here are five of the major offenses in the tax code. 1. Payroll taxes: If a business willfully fails to deposit payroll taxes, the “responsible [...]

IRS Issues Warnings on 2016 Tax Scams

By |June 4th, 2016|Corporate & Partnership Tax, Individual Tax, Uncategorized|

  As evidenced by the list of the “Dirty Dozen” tax scams recently released by the IRS, the tax swindlers are getting smarter every year. Here is a summary of the 12 notorious scams to watch out for in 2016. 1. Identity theft: A crook can steal your Social Security number and use it to file [...]