Decisions — The personality of tax benefits

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Federal income tax credits and deductions are not the same, though they do have a few similarities.

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Decisions — Terms of the split

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Tax regulations finalized in 2003 put paid to the old joke about insurance being a test of how creative it’s possible to be with the truth.

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Decisions — The gift of reading

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To paraphrase Mark Twain, be careful when reading the tax code. While a misprint won’t necessarily cause death, misinterpreting the wording can cause a fair amount of grief, including an extended time for the assessment of tax, penalties, and interest.

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Decisions – Self Steeling

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Steel yourself for a bit of truth: The internal revenue code occasionally uses phrases that are not defined anywhere in the code itself.

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Decisions — The rules of the game

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Here’s a sure bet: Gambling winnings are taxable income.

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Decisions — Additionally yours

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Say you’re cooperating with the Department of Justice and the IRS Criminal Investigation Division in connection with the ongoing investigation of two Swiss bankers.

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Decisions – IOU: thieves, debt, and general worthlessness

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When you give someone money in the belief you’re investing in a business, and later come to the conclusion that you’re not going to get your money back, you may have a deductible loss for tax purposes.

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Decisions — Pushing the limit

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Extensions and exceptions aside, the IRS generally has three years from the date of the filing of a return to assess tax. Well – that’s true as long as the mitigation provisions in code sections 1311 through 1314 don’t apply.

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Decisions — Pulling the strings

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Do you know the difference between a marionette and a puppet?

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Decisions — Gas in the SEP

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In general, amounts distributed from your individual retirement accounts are included in your income, unless an exception applies. But what if you’re acting as a conduit or agent? That is, do you still have a claim of right to the distribution (and therefore must include it in your income) if all you do is arrange the transaction and deliver the check?

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Prior Posts

Useful Tax Law Links

US Tax Code- Cornell University Law School Legal Information Institute. Searchable.

http://uscode.house.gov/ - Office of the Law Revision Counsel. Searchable. Downloadable.

US Tax Court - TC Opinions, Memorandum Opinions, Summary Opinions. Searchable. Downloadable.

Treasury Regulations - Government Printing Office provides the Federal Tax Regulations. Searchable. Downloadable.

Other Official US Tax Guidance - US Internal Revenue Service. Searchable. Downloadable.

Useful Downloads by Taxing Lessons

Foreign Earned Income Exclusion - free PDF - Graphic of Internal Revenue Code Section 911

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