One Way of Attacking Casualty Losses
Attached is a shorthand outline for attacking casualty losses.
When Must Income Be Reported And Deductions Taken Under the Cash Method & Accrual Method of Accounting?
Attached is a shorthand outline for when income must be reported and deductions taken under both the cash method and accrual method of accounting.
Who Reports the Income?
This topic sounds simple and straight-forward but can sometimes be tricky. Attached is a shorthand outline.
What Are the Tax Consequences of a Divorce?
Attached is a shorthand outline for figuring out the tax consequences of a divorce.
Calculating Basis, Adjusted Basis, And Defining Amount Realized
Attached is a shorthand outline for calculating basis, adjusted basis, and getting familiar with the definition for “amount realized.”
What Items Are Deductible Under the Internal Revenue Code?
Attached is a shorthand outline for what items can be deducted under the Internal Revenue Code.
What Items Are Not Included In Gross Income?
Attached is a shorthand outline for items that are not included in gross income.
What Constitutes Gross Income?
Attached is a shorthand outline for identifying what items constitute gross income.
Is Medical Insurance Tax Free?
If it is purchased by the employee, everything is tax free. But what if it is purchased by the taxpayer’s employer? Below are some quick and dirty rules for employer-purchased medical insurance. Employer-paid premiums is excludable from gross income. Amount recovered under medical policy is excludable from gross income. Amount recovered under a medical policy […]
Rules for Taxation of Annuities
Below are some quick and dirty rules for taxation of annuities: i. Return of investment is not an accession to wealth, not gross income. ii. Interest earned on investment is gross income. iii. For each payment, prorate evenly between return of investment and interest, reporting only the portion of the payment that represents interest. iv. […]