taxable income
Taxable and Nontaxable Income
In a perfect world, all of our income would be nontaxable income, instead of taxable. But, alas, that is not the case. In fact, it us most likely the reverse – most types of income are taxable, instead of nontaxable. … read more
Six Important Facts about Dependents and Exemptions
The IRS issued a tax tip on six important facts about dependents and exemptions. While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. Remember that a … read more
Don’t Get Trapped with the IRA 60-day Rollover Rule
Deadlines can be very stressful, especially when it comes to taxes. One stress that many people are not aware of is the 60-day deadline for keeping an IRA rollover tax-free. Why you may ask? Because missing this deadline can result … read more
Frivolous Tax Arguments: Contention that Wages, Tips, and Other Compensation Received for Personal Services are Not Income
This would sure be nice if true wouldn’t it? Maybe when it comes to paying taxes, but not so much if you’re applying for a loan and they want to know your income. But I guess some folks just want … read more
Taxable or Non-Taxable Income?
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. The IRS offers the following list of items that do not have to … read more
Can Taxpayers Reduce their Federal Income Tax Liability by Filing a “Zero Return”?
IRS is constantly bombarded by frivolous tax arguments, some of which strike a reoccurring theme. One is where some taxpayers attempt to reduce their federal income tax liability by filing a tax return that reports no income and no tax … read more
Six Important Facts about Dependents and Exemptions
Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions … read more
Are You In Compliance With Your Foreign Reporting Obligations? If Not, Read On…
The IRS is offering a second voluntary disclosure opportunity for those with offshore accounts. Those who wish to comply with the disclosure must do so by August 31, 2011. The program requires taxpayers to bring all tax filings up to … read more
Does Your Partnership Have a Foreign Partner?
If you have a foreign partner in your partnership, you may need to pay a withholding tax on that partner. A partnership that has income effectively connected with a U.S. trade or business is required to pay a withholding tax … read more
Long Term Care Planning and Reporting
Long term care insurance has become more prevalent in today’s financial planning tactics. This topic can create a great deal of confusion and uncertainty about what is the right decision to make. The main reason individuals are reluctant to consider … read more