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Author Archives: derektennant
American Exceptionalism
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Tagged America, chemical, drones, exceptionalism, Obama, Putin, racism, Syria
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Tax Season 2011 Starts Now!
So Congress passed the end-of-year tax package, leaving tax law basically unchanged for 2011. They put in the usual AMT patch, adjusting the filing status exemption to over $75,000 for married couples. They took away the Making Work Pay Credit … Continue reading
Posted in Uncategorized
Tagged $600, Accounting, Business, Debit card, Form 1096, Form 1099, Internal Revenue Service, IRS tax forms, Politics, Tax, United States
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New Reporting Requirements?
Oddly, one change in regulation included in the health care reform package this year increased the reporting that must be done when taxpayers, both persons and businesses, transact business. Under the current rules, if you pay more than $600 in … Continue reading
Alternative Minimum Tax
Alternative Minimum Tax, or AMT, is one of the least-understood aspects of tax law that affects people who otherwise believe their own tax situation is “simple”. Enacted in 1969, and at that time, targeting about 25,000 Americans who had been … Continue reading
Tax Repatriation
Multinational corporations hide their out-of-the-U.S. income in offshore accounts, usually in tax havens that don’t charge any business income tax. Through a shell game of subsidiaries and a technique known in the tax business as “transfer pricing”, they effectively pay … Continue reading
Mortgage Interest Deduction
This week talk surfaced about doing away with the home mortgage interest deduction. Only in the ‘trial balloon’ stage, it’s impossible to judge if this change in tax law is near or not. Given the government’s need to raise revenue, … Continue reading
Welcome to my blog about US Income Tax
If you are like most people I meet, you have questions about our complicated, uncertain U.S. Income Tax system. What will Congress do about the capital gains tax rate? And what about the Estate tax rates? And I teach a … Continue reading
Derek Tennant's Income Tax Blog 