Tax Tip – Identifying Gross Income

Tax Tip – Identifying Gross Income

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

Beware Phony IRS Phone Calls

Beware Phony IRS Phone Calls

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.

2013 Tax Changes for Individuals

2013 Tax Changes for Individuals

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