Tag: personal income taxes


AGI and Allowable Deductions

When we use the terms “above-the-line” and “below-the-line,” what does the “line” refer to? The answer is simple: the line is the demarcation between your adjusted gross income and taxable income. Your adjusted gross income (or AGI) is your gross income less any adjustments (or deductions) you claim. Your AGI is the figure you use […]

Tax Debt Relief

IRS Tax Relief Is Possible For You

Tax debt can occur for any number of reasons. Certain types of workers, for instance, are more likely to slip into tax debt than others. Those who work as independent contractors are a good example. That’s because they commonly calculate their tax liability incorrectly and so fall into tax debt. Independent contractors are those who […]

Basis Adjustment

How Basis Adjustment Works

Cost basis (or tax basis) is a foundational concept in taxation. The reason behind this is very simple. Basis affects a taxpayer’s gain and therefore affects a person’s overall tax burden. The main purpose of cost basis is fairly easy to understand. Cost basis is basically a reflection of a person’s investment in a given […]

Form 1099

Form 1099 Basics and Why They Matter

Form 1099 is one of the most common forms in our tax and accounting systems, both of which focus on keeping track of money. In fact, all of the forms, schedules, rules and other aspects of accounting and tax further this goal. If a taxpayer doesn’t file the correct tax form, then the IRS won’t […]

Best Tax Attorney

Best Tax Attorney Traits

Just as there are certain cases more commonly encountered than others, certain traits are more valuable among tax attorneys than others. To be a successful tax attorney, a person needs a solid educational foundation, good mentors, and adequate practical training. But really successful tax attorneys need a few more things. Because of the stakes involved, […]

Income Tax Terminology

Income Tax Terminology

The income tax is one of the most significant sources of revenue for the federal government. It is also one of the biggest revenue sources for state governments. Here in the State of New York, for instance, income taxes contribute a sizeable percentage to the public coffers. Because we focus so heavily on tax debt […]

IRS Audit Statistics

Recent IRS Audit Statistics

On the whole, the chance of an audit of a person’s personal income tax return in any given year is low. This is true regardless of whether a person’s income is high or low. To be sure, this statement is a generality. But any discussion of IRS audit statistics necessarily starts with generalities and drills […]

Stock Options

Stock Option Compensation and You

In one of our recent posts, we discussed the taxation of stock received as compensation by employees. In that post, we briefly discussed the difference between restricted stock and unrestricted stock. The general public doesn’t generally know about this distinction. The average person just assumes that “stock compensation” is the same across the board. But […]

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