Does your incorporated business pay alternative minimum tax [“AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General. The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. One of the duties of the Treasury…
Tag: Exemption
What Is A Duty Free Exemption
The duty-free exemption, also called the personal exemption, is the total value of merchandise you may bring back to the United States without having to pay duty. You may bring back more than your exemption, but you will have to pay duty on it. In most cases, the personal exemption is $800, but there are some exceptions to this rule,…
How Much Alcohol And Tobacco Can You Bring To America Duty Free
Travelers may import previously exported tobacco products only in quantities not exceeding the amounts specified in exemptions for which the traveler qualifies. Any quantities of previously exported tobacco products not permitted by an exemption will be seized and destroyed. These items are typically purchased in duty-free stores, on carriers operating internationally, or in foreign stores. These items are usually marked…
Tax Savings Tips For Parents
Ask any new parent, and they will tell you that the costs associated with a new baby are many, everything from bottles to diapers to cribs, strollers, and high chairs, and all of this before the child even learns to walk and talk and beg you for a pair of $500 designer jeans. Parenting is one of the most rewarding,…