Taxation

Alternative Minimum Tax (AMT)

Exemption amount. The exemption amount on Form 6251, line 5, has increased to $75,900 ($118,100 if married filing jointly or qualifying surviving spouse; $59,050 if married filing separately). Also, the amount used to determine the phaseout of your exemption has increased to $539,900 ($1,079,800 if married filing jointly or qualifying surviving spouse). AMT tax brackets. […]

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FORM 1099 K

Form 1099-K is the IRS form that taxpayers receive to report certain payment transactions. If you’re self-employed or an independent contractor, you report 1099-K income on Schedule C of your federal Form 1040 tax return. Who Receives Form 1099-K: Payment Card and Third-Party Network Transactions? You should receive Form 1099-K by Jan. 31 if, in the prior calendar

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