Income Archives - Page 10 of 20 - FREE Yourself from IRS Problems

Using The Gift Tax Exclusion To Protect Your Estate

Most of us don’t have to worry about the federal estate tax or gift tax. In 2016, the lifetime gift and estate tax exemption is $5.45 million. Thus, any taxpayer while alive may give, and at death, devise, or bequeath, up…

Shamsey Oloko July 1, 2016 Income, Income Tax, New York State Tax, State & Local Taxes, State Sales Tax 0

Supreme Court Tax Cases: Comptroller of the Treasury of Maryland v. Brian Wynne

For a significant period of time, since 1873 in fact, the Supreme Court has held that the taxing power of the states is limited by the dormant commerce clause. State taxes on interstate activity must be “fairly apportioned,” meaning that if more…

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…