2012 Tax Tips; Vol. 3 – When Is Income Non-Taxable?
WHEN IS INCOME NON-TAXABLE?
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. The IRS offers the following list of items that do not have to be included as taxable income: Adoption expense reimbursements for qualifying expenses Child support payments… Continue reading
10 NEW 2011 TAX LAWS
The good news for taxpayers working on their 2011 tax returns is there aren’t many major surprises this filing season. “It’s not too significant a year in that there’s not a lot of uncertainty,” says Mark Luscombe, principal federal tax analyst at CCH in Riverwoods, Ill. The Bush-era tax laws were extended through 2011 and… Continue reading
“REAL” VS. “UNREAL” AUDITS
Did I calculate my return correctly? Did I take all the deductions I’m entitled to? Do I qualify for a credit and should I take it? These are all samples of the many questions that cross many a taxpayer’s mind before they submit their returns to the Government. However, one thought–or rather plea–that almost certainly… Continue reading
NY tax commissioner Thomas Mattox recently deputized the entire staff of the NY Inspector General’s office in what is a being dubbed a pre-emptive “crime fighting” move. What was meant to be a quite ceremony has caused a stir because the new powers granted to the IG’s office allows them the ability to look at… Continue reading
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