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Tax Articles

Retirement Savings Contribution Credit

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for the Retirement Savings Contributions Credit: Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of: Single, married filing separately, or qualifying…


Business Start-Up and Organizational Costs

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Start-up costs include any amounts paid…


Gambling Winnings Are Taxable Income

Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. Depending on the type…


State Taxation of Marijuana

Robert Mikos (Vanderbilt) has posted Why Crime Doesn’t Pay: Thoughts on State Taxation of Marijuana Distribution and Other Federal Crimes on SSRN. Here is the abstract: The financial crisis has breathed new life into proposals to reform marijuana law. Commentators suggest that legalizing and taxing marijuana could generate substantial revenues for beleaguered state governments-as much…


Olympic Athletes tax treatment

Every two years, a topic of conversation among tax folks is the tax treatment of Olympic athletes. The United States Olympic Committee pays athletes for winning Gold ($25,000), Silver ($15,000), and Bronze ($10,000) medals under its Operation Gold program — these payments clearly constitute income. In addition, one court has suggested that the medals themselves…


Early Distributions from Retirement plans

Some taxpayers may have needed to take an early distribution from their retirement plan last year. There can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions.…