You might have received some tax credits for purchased a certain kind of hybrid vehicle, depending on the year, etc. Let’s ignore that benefit. Now you are driving pretty much gas free. Gas free or practically gas free also means many states are noticing a significant drop in tax revenues from the pump. Thus, electric cars […]
Category: General
Personal Residence Sale – History of Law
A taxpayer’s principal residence is a capital asset. Upon the sale of a principal residence, the taxpayer realizes capital gain or loss. However, no loss is recognized, because a residence is personal in nature. In the case of a sale that produces gain, the Code, as amended by the Taxpayer Relief Act of 1997, provides an […]
Who Paid the Most Tax ?
The latest year data available form the IRS indicates the top 10% of US taxpayers in 2011 paid 68.3% of all federal income tax paid in 2011. […]
IRS PAYMENT OPTIONS-ELECTRONIC
Click here for IRS Electronic Payment Options (goes directly to IRS website) […]
Full Retirement Age FRE re:Social Security benefits
Year of Birth* Full Retirement Age 1937 or earlier 65 1938 65 and 2 months 1939 65 and 4 months 1940 65 and 6 months 1941 65 and 8 months 1942 65 and 10 months 1943–1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 […]
Read More… from Full Retirement Age FRE re:Social Security benefits
Required Minimum Distributions RMD
HEIR HAZARDS when INHERITING an IRA RMD (Required Minimum Distribtutions) are required when the owner turns 70 1/2 years old. NON-SPOUSE beneficiaries can ‘stretch’ the regular inherited IRA over their own life expentancy but must start the RMD the year following the death of the owner. While ROTH IRA owners never are required to distribute RMD, NON-SPOUSE beneficiaries must. Those withdrawls are […]
2014 Estate & Gift Tax Exemption
2014 Estate & Gift Tax Exemption is based on $5,340,000. 2013 amount was $5,250,000. […]
Identity Theft special PIN
IRS is testing the applicaiton for a special PIN (Personal Identification Number) for eligible taxpayers in Florida, Georgia, and D.C. These three locations have the highest per capital percentage of tax-related identity theft issues. […]
China in 2012
China is the world’s second largest economy…. 2012 sales in China accounted for 11.2% of revenue reported by U.S. companies listed on Standard & Poor’s 500 (research by The Economist… quoted in the Journal of Accountancy..a publication of the American Institute of CPAs). […]
Gifts for 2013
This is not about charitable donations to a 501(c)(3) organization. It is about just giving stuff away. How much can I give (gift) without any tax? $13,000 ( 2009 – present) is the amount of stuff that can be gifted with no gift tax… based on this amount to any one individual in a calendar […]