How We Pay For Medicare Services

 Net Investment Income Tax (NIIT)   Starting in 2013 a 3.8% Medicare tax is imposed on certain net investment income (NII) of individuals, estates, and trusts by the 26 USC § 1411 on the lesser of:    1.­ Taxpayer’s net investment income is the investment income reduced by applicable associated cost; interest, dividends,rents, annuities, royalties, […]

Hopefully You’re on The Other Side of This

Cancellation of Debt (forgiveness) The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude up to $2 million of forgiven debt ($1 million if married filing separately) from the discharge of debt on their principal residence through foreclosure, restructuring, or short sale, thorough December 31, 2016. Tax Tip: If you are in such an […]