Tag: personal income taxes

Tax Avoidance

3 Useful Tax Avoidance Strategies

As we’ve previously discussed, there’s an important distinction between tax avoidance and tax fraud or tax evasion. Tax avoidance is the use of lawful means to lower one’s tax liability. Tax evasion is the willful falsification of information for the purpose of reducing one’s tax burden. Failing to pay one’s tax burden may also constitute evasion. Tax evasion is illegal […]

Tax on Stock Compensation

Tax on Stock Compensation

In general, investors purchase when they want to take part in the financial performance of a company.  This type of stock purchase is a type of investment property and receives special tax treatment. This tax treatment is “capital gains tax treatment”. The capital gains tax rate depends on whether the property is held on a short-term or […]

Illegal Activities Taxable

Is Income from Illegal Activities Taxable?

The U.S. Tax Code is a very curious thing. It contains more words than the Bible, a lot more.  In fact, it has enough rules to make even the sharpest mind a bit puzzled from time to time. When we think of Tax Code violations, we often picture an ambitious employee seeking to maximize a […]

IRS tax debt

4 Tips to Avoid IRS Tax Debt

Falling behind on personal income taxes can happen to anyone, but it’s not inevitable.  With just a little advance planning, taxpayers can reduce the likelihood of falling behind with the the Internal Revenue Service. Obviously, no one wants to end up with IRS tax debt problems, but some people simply end up facing insurmountable problems […]

NYC Tax Returns

A Guide to Filing NYC Tax Returns

The tax system here in the State of New York is a complex, layered system involving various kinds of taxes, forms, credits and exemptions. A survey of this vast system shows that it’s all too easy to become overwhelmed by its complexity. Most New York taxpayers have precious little time to devote to mastering the […]

Debt Consolidation Terms

Common Debt Consolidation Terms

We’ve previously provided concise definitions for various terms related to debt resolution.  We also discussed the basic purpose and mechanics of debt consolidation in the earlier post. In this post we’ll continue in the same vein and discuss several important debt consolidation terms. We’ll develop a glossary of debt consolidation terms.  That way, our readers can increase […]

stock donations, charitable contributions

How to Maximize Deductions Thru Stock Donations

Recently, we discussed a rather clever strategy of using unsecured loans to avoid having substantial gifts be included in one’s estate and, therefore, be subject to gift tax. In the future, we’d like to continue to highlight and discuss similar clever plans.  Each well discuss ways to reduce tax burdens and maximize an individual’s financial condition. Tax […]

cancellation of debt

Is Cancellation of Debt Income?

Tax relief is a major part of our professional practice.  It follows, then, that we should expend some ink going over what constitutes taxable income.  One of the more confusing forms of taxable income is the phantom income known as cancellation of debt or, simply, COD income.   It’s the source of many bewildered telephone calls to this law […]

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