by Arthur Geffen | Feb 28, 2013 | Income Tax
As ridiculous as it sounds, the federal government requires that money acquired through illegal means be reported and taxed just like legitimate income. It’s right there on the official IRS tax instructions: "Income from illegal activities, such as...
by Arthur Geffen | Feb 20, 2013 | Income Tax
The Alternative Minimum Tax may apply to you if your income is above a certain amount. Here are five facts the IRS wants you to know about the AMT: 1. You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption...
by Arthur Geffen | Jan 28, 2013 | Income Tax
If you received income during 2012, you may need to file a tax return in 2013. The amount of your income, your filing status, your age and the type of income you received will determine whether you’re required to file. Even if you are not required to file a tax...
by Arthur Geffen | Jan 16, 2013 | Income Tax
This revenue procedure provides an optional safe harbor method that individual taxpayers may use to determine the amount of deductible expenses attributable to certain business use of a residence during the taxable year. This safe harbor method is an alternative to...
by Arthur Geffen | Jan 4, 2013 | Estate Tax, Income Tax
Early in the morning of January 1, Congress finally got around to dealing with the tax part of the fiscal cliff drama by passing what is inaccurately named the American Taxpayer Relief Act of 2012. Thanks to the demise of the so-called payroll tax holiday, all...
by Arthur Geffen | Jan 2, 2013 | Income Tax, Self Employment Tax
While the tax package that Congress passed New Year’s Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013. That’s because the legislation did nothing to prevent a...
