Most individual taxpayers are on a calendar year for tax purposes – and that just wrapped up on December 31, 2006. Business taxpayers, however, may elect to choose their own tax year if there is a business purpose for the election. So, today’s Fix the Tax Code Friday question is:
Should individual taxpayers be allowed to choose their own tax year?
Sigh. It’s the day after tax season. Folks are tired and cranky (trust me, I get the emails). Nobody likes to pay taxes. And every year, you swear to do better, plan more, save more. Why not actually do it this year? There are a couple of things that you can do throughout the year…
It’s Fix the Tax Code Friday! For most of the week, the headlines have involved the crisis in the automotive industry with eyes on the “Big Three”: Ford, General Motors (GM) and Chrysler. Execs from the Big Three jetted to DC to beg lawmakers for loans worth billions of dollars, warning that the failure to…
Have you filed your tax return yet? October 17 marks the deadline for taxpayers on extension to file.
Surprise! Having a “free check” for folks by requiring them to file when they don’t normally have to file isn’t quite as simple as you’d think. The IRS has announced that more than 25% of eligible seniors have not filed tax returns for 2007. This means that those seniors will not receive a rebate check…
Taxes From A To Z (2014): T Is For Tip Income
I get tons of questions asking simply “What are my options if I (insert crazy tax history here)?” Your options can be complicated. And you can completely expect my rant now about how important it is to check with your tax professional before rushing into anything. That said, I do believe in being as educated…
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No. Enabling businesses to choose their own tax year works well enough…no need to muddy the waters with even more compliance issues.