The complexity of the Tax Code does not come with the original legislation passed many years ago. The basics are straight forward. But the several and various amendments to the Code over the years have mangled it simplicity beyond repair. The way the Code stands now, someone with the guts of a whale has to [...]
You may sometimes wonder what escapes the tax man in the good old U.S.A. Most people know the impact of taxes on wages and other salary amounts, but few realize that there is no IRS relief for taxes also apply to personal property. The Tax Code defines just about everything you own and use for [...]
Is it any surprise the IRS taxes your gambling winnings? Gamblers are compulsive freaks of nature, and while many gamblers lose everything including their self-worth, a few manage to beat the system. When you think of gambling you should also include the fair market value of prizes you receive. The luster of a new car [...]
If you never heard about the AMT of the Alternative Minimum Tax, then you could get a huge fit if one of your IRS problem solvers breaks the bad news. The AMT was designed for a few taxpayers who despite their high earnings were not paying their fair amount of taxes. Sometimes, [...]
As the April tax filing deadline is fast approaching, you want to keep your focus to ensure you file a correct tax return. To help you along we thought we would show you the humorous side to accountants. Yes, I know it is hard to believe but accountants do have a sense of humor. Okay, [...]
Workmen’s Compensation statistics show how the strong reliable worker can succumb to work-related injuries. But not all disabled people come from accidents on the job. Many diseases and other unfortunate human complications make some people less physically capable than others. Fortunately, the Tax Code provides for tax benefits for disabled taxpayers. The catch is you [...]
My sister took early retirement at the age of 44. Actually, she got a buyout package from her job and decided to hang up her boots before the sunset years. It was a good move for her because she later had to care for our mom whose memory got worse over the years. I know [...]
In these unsettled times when job security is a thing of the past, you need every dollar you can earn. In good times some people treat money as they use water, foolishly sending it down the drain because it is plentiful. The same goes for income tax refunds. Imagine someone calculates a $5,000 plus refund [...]
Everyone is so worried about getting audited by the IRS, but the reality is the IRS have only so many auditors to go around. The tax man can only send his auditors to a fraction of the millions of taxpayers who file tax returns. The chances of getting audited are probably a game of chance, [...]
When John (not his real name) moved from the hot Texas climate, he figured he would get some Texas tax back. John’s situation is not unique because many Americans move from one state to another in search of employment or family bliss. Depending on the time of year you leave one state for another, you [...]