The Internal Revenue Service has released the spring 2014 edition of its quarterly Statistics of Income Bulletin, with statistics up through 2011 indicating there are still people who earn over $200,000 a year who pay no federal income taxes, although the number of them has been decreasing.

There is more to the federal income tax system than just a single calculation. Upper-income taxpayers---especially those with investment income---must cope with six layers of taxation: (1) ordinary income tax; (2) capital gains and losses; (3) the alternative minimum tax; (4) the net investment income tax; (5) the additional Medicare tax; and (6) a reduction of itemized deductions and personal exemptions.

If you were married or divorced recently, there a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social SecurityAdministration.

A couple of years ago in TTW #109 we introduced ROBS as a strategy to fund a new business. The following is a recent article in Businessweek about this risky strategy.

If you should be named the Executor of an estate, you need to be aware that you could be held personally liable for any unpaid taxes of the deceased.

Do you have aging parents that live in an appreciated home, but no longer reap any tax benefits from ownership? For example: home is paid off and there is no mortgage interest deduction for them to deduct.