Tennis superstar Caroline Wozniacki walked away from her $1.45 million paycheck (by accident!) after placing at the U.S. Open. If you walked away from your paycheck, could you skip paying the tax on it?
As our athletes medal in Sochi, the chatter has again started about whether those medals – and the associated bonuses – should be exempt from federal income tax. Is it appropriate? Or necessary? I say no to both. And here’s why.
Where in the world is Santa? And what kind of income and expenses is he racking up?
As the 2013 tax year draws to a close, taxpayers are scurrying to figure out how to minimize income and maximize deduction. The most important rule? Timing is everything.
Over the weekend, a little game of charity flag football resulted in thousands of dollars donated to charity. But who gets the deduction – and why?
(Update: We have our winners!) Our second tax trivia question is: In honor of President’s Day, this question focuses on presidential tax returns. Since Richard Nixon, almost all of our U.S. Presidents (and most presidential candidates) have reported this specific kind of additional income on their tax returns. Since it’s occasional income for our Presidents, … Read more
Remember Stacy Knutson? She was the waitress I posted about earlier today who was given $12,000 in a take out box by a customer. The story generated an interesting comment (thanks travisborton) about treasure trove, income and the IRS. Of course, that got me thinking: what else could you put in your pocket and not … Read more
This election is big for all parties. That’s both a good thing – and a not so good thing – depending on who you are. Of course, in the effort to get out the vote, we’re going to hear about allegations of voter fraud, vote tampering and bribery. Increasingly, these issues are associated with the … Read more
Taxpayer asks: Hi, Just wondering if I have multiple jobs one year, can I not declare taxes if what I earn from each individual job is less than $600, or does what I make from all the jobs added together have to be under $600? And what if its at the $600 mark; does it … Read more
Oh media, stop trying to create drama where there is none… Days after the IRS confirmed that some compensatory payments to victims of the Gulf Spill are taxable, the news is filled with sensational headlines implying that this is some kind of evil money grab by the government. Shame on those reporters. What’s happening in … Read more