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Tax Guidelines For Paying Or Receiving Alimony |
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If you were recently divorced and are paying or
receiving alimony under a divorce decree or agreement,
you need to consider the tax implication for your 2006
federal income tax return. Here are some general
guidelines.
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Income Tax Filing for Decedents |
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A personal representative is responsible for filing
certain tax returns for a person who has died and their
estate. The personal representative may be required to
file the final income tax return of the decedent and any
returns not filed for preceding years, the income tax
return for the estate, and the estate tax return.
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Gambling Winnings and Losses |
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Gambling winnings are fully taxable and must be reported
on your tax return. You must file Form 1040 and include
all of your winnings. Gambling income includes, among
other things, winnings from lotteries, raffles, horse
races, and casinos.
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IRS Circular 230 disclosure: To ensure
compliance with requirements imposed by the
IRS, we inform you that any U.S. federal tax
advice contained in this document is not
intended or written to be used, and cannot
be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to
another party any transaction or matter that
is contained in this document.
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Four Types of Income Exclusions
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By Alan L. Olsen, CPA, MBA
Managing Partner
We are all interested in saving taxes. Through
effective tax planning you can preserve more of your
wealth (or wealth that passes to your heirs) through
eliminating income taxes on the gain. There are four
types of income that may be excluded permanently.
Read On... |
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