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

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Posted in Sales Tax, Uncategorized

Capital Gains/Losses – Facts

The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell

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Posted in Capital Gain, Capital Loss

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 --

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Posted in Tax Court, Taxable Income

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

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Posted in IRA, Retirement

Social Security Benefit – facts

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are facts about Social Security benefits so you can determine whether or not they are taxable to you. How much

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Posted in Social Security

Alternative Minimum Tax – facts

Alternative Minimum Tax (AMT) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Here are seven facts about the AMT and changes to this special tax for 2009. Tax laws

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Posted in Alternative Minimum Tax (AMT)

up to 15% of your Social Security benefits can be levied by IRS

Through the Federal Payment Levy Program (FPLP), Social Security benefit payments outlined in Title II of the Social Security Act, Federal Old-Age, Survivors, and Disability Insurance Benefits, are subject to the 15-percent levy, to pay your delinquent tax debt. However,

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Posted in IRS Levy, Social Security

Missing a W-2 form – what to do

Getting ready to file your tax return? Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers. Employers have until February 1, 2010 to send

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Posted in Taxable Income

Tax implications of unemployment benefits

Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009.  Here are five important

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Posted in Unemployment

Tax Credits for Education Expenses

College can be very expensive. To help students and their parents, the IRS offers the following five ways to offset education costs. The American Opportunity Credit This credit can help parents and students pay part of the cost of the

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Posted in Dependent, Education Expense, Student Loan, Tax Credit
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