Do You Have to Pay the Net Investment Income Tax (NII) Tax?

As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on “net investment income” (NII). The tax law provision authorizing this special tax was included in the Affordable Care Act (ACA), the law known as Obamacare. Although the ACA may be repealed by the new Trump administration, it would not likely be retroactive to 2016.

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IRS Issues Standard Mileage Rates

The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses.

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