Internal Revenue Code section 61 defines gross income as “all income from whatever source derived.” This definition reaches your worldwide income, so it is important to understand exactly what “income” means. There are a couple of approaches to the definition of income. One approach is the Haig-Simons approach which indicates that income is the sum of … Continue reading Tax Tip – Identifying Gross Income
We continue to receive calls from our clients reporting calls from these scammers. The IRS issued the following bulletin to help you protect your personal information and to report the abuse.
Tax Changes for 2013 Each year starts with some changes to our tax regime. The changes for 2013 have been much higher profile given the drama in Congress and the “fiscal cliff.” Here is a brief summary of the changes that will impact individuals this year. Individuals For 2013, standard deductions and the personal exemption, … Continue reading 2013 Tax Changes for Individuals
Happy new year! With the new year comes tax season. IRS Plans Jan. 30 Tax Season Opening For 1040 Filers WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and … Continue reading Tax Season Opening For 1040 Filers: Jan. 30, 2013