What income is taxable?

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. To ensure taxpayers are familiar with the difference between taxable and non-taxable income, the

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Posted in Accounting Method, Business Expense, Capital Gain, Capital Loss, Deductible Expense, Moving Expenses, Net Operating Loss, NOL, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

New Vehicle Sales and Excise Tax Deduction

If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. Here are eight important facts the Internal Revenue Service wants you to know about

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Posted in Sales Tax

Sex Change Surgery Is a Deductible Medical Expense (But Not Breast Augmentation)

Tax Court: In a long-awaited decision, a fractured (8-5-3) Tax Court today ruled in O’Donnabhain v. Commissioner, 134 T.C. No. 4 (Feb. 2, 2010), that male-to-female gender reassignment surgery qualifies as a deductible medical expense under § 213, reversing the

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Posted in Deductible Expense, Medical Expenses

Aliens and ‘Taxation Without Representation’

Erin E. Stefonick (J.D. 2008, Florida Coastal) has published Note. Find 10 Fla. Coastal L. Rev. 691' target=_blank>The Alienability of Alien Suffrage: Taxation Without Representation in 2009, 10 Fla. Coastal L. Rev. 691 (2009). Here is part of the Introduction:

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Posted in Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Undocumented Alien

Governmant Retiree Credit

Certain government retirees who receive a government pension or annuity payment in 2009 may be eligible for the Government Retiree Credit. The American Recovery and Reinvestment Act of 2009 provides this one-time credit of $250 for certain federal and state

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Posted in Retirement, Tax Credit

IRS Global High Wealth Industry Group

The IRS last year launched the Global High Wealth Industry Group to centralize and focus IRS compliance expertise involving high wealth individuals and their related entities. They are rich. They must be witches! I know let's burn them at the

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

The NCAA, the IRS, and the ‘New Amateurism’

Virginia A. Fitt (J.D. 2010, Duke) has published Note, The NCAA's Lost Cause and the Legal Ease of Redefining Amateurism, 59 Duke L.J. 555 (2009). Here is the abstract: The recent resolution of the Andrew Oliver case may mark the

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Posted in Tax Guidance & Preparation, Taxable Income

Making Work Pay Tax Credit

Many working taxpayers are eligible for the Making Work Pay Tax Credit, a provision created by the American Recovery and Reinvestment Act in early 2009. Here are 10 things the IRS wants you to know about this tax credit to

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Posted in Tax Credit, Uncategorized

Everyone Can Use Free File

The IRS Free File service provides free federal income tax return preparation and electronic filing for all taxpayers. All you need is access to a computer and the Internet and you can prepare and e-file your federal tax return for

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Converting IRA to a Roth IRA

If you have been saving for retirement in a traditional IRA, you can convert some or all of your traditional IRA funds into a Roth IRA. Beginning in the year 2010, all restrictions on converting to a Roth IRA have

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Posted in Investment Income, IRA, Retirement
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