More on the list of 40 positions not to take on your federal income tax return because they have been deemed frivolous or fraudulent according to IRS: 9. Federal income taxes are unconstitutional or a taxpayer has a constitutional right not to comply with the Federal tax laws for one of the following reasons: a….
More on the list of 40 positions not to take on your federal income tax return because they have been deemed frivolous or fraudulent according to IRS: 1. Compliance with the internal revenue laws is voluntary or optional and not required by law, including arguments that: a. Filing a Federal tax or information return or…
So, my father-in-law was saying that he always claimed the standard deduction, despite the fact that he would have saved more money by itemizing, just because it was easier. That brings up an interesting point… Why have itemized deductions at all? Why not just have everyone claim the standard deduction? So, today’s Fix the Tax Code Friday question is:…
Taxpayer asks: I sold a primary residence last yr and bought a new one. I did not gross over $250,000 on the sale of the house. What figures should I pay attention to for reporting purposes from the closing sheets? I presume that any taxes paid out prior to the sale of the house are on…
Continuing the list of 40 positions not to take on your federal income tax return because they have been deemed frivolous or fraudulent according to IRS: 8. Only certain types of income are taxable, for example, income that results from the sale of alcohol, tobacco, or firearms or from transactions or activities that take place in interstate…
Continuing the list of 40 positions not to take on your federal income tax return because they have been deemed frivolous or fraudulent according to IRS: 3. A taxpayer’s income is excluded from taxation when the taxpayer rejects or renounces United States citizenship because the taxpayer is a citizen exclusively of a State (sometimes characterized…
Taxpayer asks: I know you have probably gotten these questions hundreds of times, but sorry I need to ask again for my own benefit. First off, I have a little business on the web for which I am self employed and have no employees. This business has been around for a few years however I…
Continuing the list of 40 positions not to take on your federal income tax return because they have been deemed frivolous or fraudulent according to IRS: 20. A taxpayer may avoid tax on income by attributing the income to a trust, including the argument that a taxpayer can put all of the taxpayer’s assets into…
The IRS released its list last week of 40 positions not to take on your federal income tax return because they have been deemed frivolous or fraudulent. The penalties for filing income tax returns based on a frivolous position increased last year from $500 to $5,000, plus interest and additional penalty. Over the next month,…
Luck o’ the Irish to you.