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High Income Taxpayers

The best way to survive an IRS audit is to prepare

AGI (Adjustable Gross Income), Doucment Retention, IRS Audit, Tax Record Retention, Tax Return /

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them. Recent statistics. Overall, just 0.49% […]

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Reduce the impact of the 3.8% net investment income tax

(NIIT) Net Investment Income Tax, Investment Income Tax (NIIT), Modified Adjusted Gross Income (MAGI), Tax Planning /

High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers. The NIIT applies to you only

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