| Tax Shelters |
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| We hear about tax shelters all the time, but the average taxpayer is not quite sure whether they are good or bad. It is impossible to categorize all tax shelters as either good or bad. Each must be looked at separately and carefully to determine whether it is legitimate or abusive. More... |
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| New Tax Breaks for Military Personnel and Their Families |
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| In response to the wars in Afghanistan and Iraq, Congress enacted the Military Family Tax Relief Act of 2003 to provide certain tax breaks for military personnel and their families. These new provisions exclude certain benefits and gains from income, thereby reducing tax liability. More... |
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| Net Operating Losses for Farmers |
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| If you are a farmer who had a loss from the operation of your business, you might be eligible for favorable tax treatment of that loss. Generally, a taxpayer is entitled to carry back a net operating loss to the two tax years before the loss year and to deduct it from the income of those years. In that way, the taxpayer may get a refund of all or part of the income taxes paid in those prior years. If the net operating loss is not used up in the carryback period, the taxpayer is permitted to carry it forward for the next 20 years. More... |
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| Business Structure |
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| The manner in which the business files its income tax returns and pays its taxes depends on the way the company was organized. The most common forms of business are sole proprietorships, partnerships, corporations, S corporations, and limited liability companies, and both state and federal legal and tax considerations enter into the selection. More... |
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| Taxation of Strike or Lockout Benefits |
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| Generally strike or lockout benefits that a taxpayer receives from a union out of regular union dues are taxable as a form of compensation. These taxable benefits include cash and the fair market value of other property received. However, if a taxpayer has made a voluntary contribution to a strike fund, any benefits that he or she may receive from the fund are tax-free up to the amount of the contribution. The remainder of the benefits will be taxable as wages. More... |
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