We have a winner! See comments! Our next tax trivia question is: In 2007, a midwestern state made news (and not in a good way) for opting to impose a sales tax on a popular food item unless the taxpayer could prove the purchase was to be eaten and not used as a decoration. Amid…
Traditionally, taxpayers who owned homes could only deduct state and local real estate taxes if they opted to itemize their deductions. However, for the tax years 2008 and 2009, taxpayers who opt for the standard deduction are getting a break: there is an additional standard deduction for those who pay state or local real estate…
We have a winner! See comments! Our next tax trivia question is: Who was President of the US when the first federal estate tax was adopted? Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?
The US Tax Court has received reports about an e-mail allegedly sent by a member of the Tax Court’s practitioner bar. This is NOT a legitimate email. If you do not have a case pending before the US Tax Court, the Court will not contact you via email. The Tax Court has advised that if…
If you moved in 08 due to a change in employment, you may be able to deduct reasonable moving expenses. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
On the day that the new season of “Dancing With the Stars” debuts, the former DWTS champ did some fancy footwork of his own in his first day of court. Helio Castroneves and his sister Katiucia Castroneves, together with their lawyer, Alan Miller, faced prosecutors on the first day of a federal tax trial alleging…
We have a winner! See comments! Our next tax trivia question is: The largest tax return in history was filed electronically in 2006. The 237 MB return, filed by GE, would have been more than 24,000 pages if printed. If those pages were laid head to head, how many miles would they cover? Don’t forget:…
We have a winner! See comments! Our next tax trivia question is: Under current US tax law, a report must be filed if a taxpayer has operations in or related to a country that is on Treasury’s list of countries that require participation in international boycotts. For the last few years (according to available data),…
We have a winner! See comments! Our next tax trivia question is: For the 2006 tax year, which state’s population filed the fewest number of individual tax returns reporting adjusted gross income of more than $1 million? Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?
Taxpayer asks: is a person suppose to take his 401 k statement with him when he gets his taxes done! even though im not taking anything out of it as a penalty and i dont plan on it! sure the 401 k plan is another income but im not taking anything out of it until…