Income Exclusions Archives - Page 4 of 5 - FREE Yourself from IRS Problems

Shamsey Oloko June 22, 2016 Capital Gains, Capital Losses, Death Benefits, Expenses Deductions, Filing Status, Gains & Losses, Home-Related Deductions, Income Exclusions, Income Tax, Interest Income, IRA, Medical Expenses, New York Estate Tax, Roth IRA, Roth Thrift Savings Plan, Social Security Benefits, Standard Deductions, Tax Credit, Taxable Gain 0

Tax Issues for new Widows and Widowers

It’s a traumatic experience to lose a spouse. While there is little that can be done to replace this physical and emotional loss, the Tax Code provides some relief for newly widowed taxpayers. Here is a summary of some of…

Shamsey Oloko June 15, 2016 Income, Income Exclusions, Self-Employment Tax 0

Excluding Self-Employment Income Under I.R.C. §1402(a)(3)(C)

Taxpayers earn self-employment income which is net income “from any trade or business carried on by such individual” under I.R.C. §1402. The meaning of “trade or business” is the same as it is under I.R.C. §162. The Supreme Court has…

Shamsey Oloko May 20, 2016 Cafeteria Plans, Income, Income Exclusions, Taxable Income 0

What Is A 125 Cafeteria Plan?

A Cafeteria Plan, sometimes called a “Flexible Spending Account” or FSA, is available to taxpayers under §125 of the Internal Revenue Code. It derives its name from the earliest plans of this form that allowed employees to choose between different…