Individuals
Tax Issues For Foreign Students – F Visa & Opt Status
Tuesday, April 15th, 2008Tax issues for foreign students are often very complicate and difficult. What do you do when the first paycheck, scholarship check or loan disbursement check is received and taxes are withheld?
First of all, is the student is a “resident alien” or “non-resident alien” for U.S. tax purposes?
Resident Alien vs. Nonresident Alien
An individual who is not [...]
How do you get audited?
Tuesday, April 1st, 2008The IRS uses a system called DIF (Discriminate Income Function) to identity tax returns to examine. The scoring system is set up to identify specific returns that, if audited, will generate additional income tax. Sometimes, the IRS computer selects returns for audit on a random basis. Your income, deductions or where you live could be [...]
Self-Employed
Monday, January 14th, 2008If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself a self-employed individual. You are an independent contractor if the person for whom you perform services has only the right to control or direct the result of your [...]
Alternative Minimum Tax
Monday, January 14th, 2008The upcoming tax season is expected to start on time for everyone except for certain taxpayers potentially affected by late enactment of the Alternative Minimum Tax “patch.” Following extensive work in recent weeks, the IRS expects to be able to begin processing returns for the vast majority of taxpayers in mid-January. However, as many as [...]
What is the AMT?
Monday, January 14th, 2008The AMT came into being with the Tax Reform Act of 1969. Its purpose was to target a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax. A growing number of middle-income taxpayers are discovering they are subject to the AMT.
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