Taxes From A To Z (2014): E Is For EE Bonds
Taxes from A to Z (2014): E is for EE bonds
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Taxes From A To Z (2014): D Is For DRIP
Taxes from A to Z: D is for DRIP (dividend reinvestment program)
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Taxes From A To Z (2014): C Is For Clothing And Costumes
Taxes From A To Z (2014): C Is For Clothing And Costumes
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Taxes From A To Z (2014): B Is For Basis
Taxes From A to Z: B Is For Basis.
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Taxes From A To Z (2014): A is for Affordable Care Act
Taxes From A To Z (2014): A is for Affordable Care Act
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Taxes From A To Z (2013): Y Is For Year-End Bonus
Y is for Year-End Bonus. Did you get a bonus in 2012? If so, kudos. Annual bonuses are becoming a rarity these days. They are, however, still issued, either as recognition for making to the end of the year (!) or for outstanding service. No matter the reason, bonuses are considered taxable income to the…
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Taxes From A To Z (2013): W Is For Worker’s Compensation
W is for Workers’ Compensation. For federal income tax purposes, workers’ compensation awarded under a workers’ compensation act or statute due to work-related sickness or injury are fully exempt from tax. Payments to your survivors under the same circumstances are also exempt. The same cannot be said for retirement plan benefits. If you receive those…
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Taxes From A To Z (2013): V Is For Voluntary Disclosure
V is for Voluntary Disclosure. I know what you’re thinking: this doesn’t apply to me because I don’t have offshore accounts. But don’t leave just yet. It’s not only taxpayers with offshore accounts that might qualify for voluntary disclosure programs. While most taxpayers are familiar with the 2012 Offshore Voluntary Program (and its predecessors, the…
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Taxes From A To Z (2013): U Is For Unrealized Gains and Losses
U is for Unrealized Gains and Losses. We’re in the process of selling our house. It is not worth as much this year as it was a few years ago (this, according to Trulia and other valuation sites) although it’s worth more than when we bought it. For tax purposes, we will actually have a…
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Taxes From A To Z (2013): T Is For Tenancy And Joint Ownership
T is for Tenancy. If you ask taxpayers how their assets are titled, many will simply say “joint ownership.” Under the law, however, there is no such thing as simple “joint ownership” – assets may be held jointly in one of a few different ways. For federal income tax purposes, it’s important to realize that…
