Are you watching your sodium levels by limiting your salt intake? The IRS says the time has come to limit the SALT on your tax return too.
... Read This PostCategory: Taxing Definitions
Definitions — Proposing a deduction
In the language of math, 199 is an odious number. In the language of tax, 199 is an internal revenue code section.
... Read This PostDefinitions — Based on debt
In the world of karma, no debt goes unpaid. In the world of tax law, the question is whether the debt is bona fide.
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Definition — Puzzling out the basis
Love is the basis for everything except S corporation stock. For that, income, losses, deductions, and credits are what count.
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Definition — Identifying the employer
What's your number? If you're required to file certain business tax returns, the answer is an employer identification number, or EIN.
... Read This PostDefinition — Penalizing the preparer
According to the Return Preparer Office of the IRS, as of March 1, 2018, 728,049 individuals had current preparer tax identification numbers.
... Read This PostDefinition — Virtually taxable
If you want to know the value of money, both real and virtual, you can try to borrow some. Or, in the case of digital currency, you could ask the Internal Revenue Service.
... Read This PostDefinitions — Retirement and other “R” words
Recharacterize, rollover, Roth—individual retirement account rules contain plenty of words starting with the letter "r", at least one of which changed under the new tax law.
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