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. […]
Rules for Taxation of Life Insurance
Below are some quick and dirty rules for taxation of life insurance. Proceeds from a life insurance policy are excludable from gross income. Interest earned on life insurance proceeds is not excludable from gross income. If the TP receives both proceeds and interest, prorate each payment evenly, reporting only the portion of the payment that is interest. If […]
Guide to Researching Tax Issues
Attached is a helpful guide to researching tax issues.
Case law Update on Worker Classification in New Jersey
Attached is a case law update on worker classification in New Jersey.