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Generally, most income you receive is considered taxable. However, the tax code is riddled with various exceptions where certain types of income are partially taxed or not taxed at all. For instance, here is a non-exclusive list of common examples of types of income usually excluded from taxable income: Adoption Expense Reimbursements for qualifying expenses […]
It may be possible for you to be able to deduct medical and dental care expenses incurred in the tax year 2010. This deduction, however, is available only if you itemize your deductions on Schedule A (Form 1040). This deduction is allowed only for expenses primarily paid for the prevention or alleviation of a physical […]
Closing agreements constitute an important part of tax representation and tax planning. A “closing agreement” is a final agreement between the IRS and the taxpayer on a specific issue or liability. Closing agreements are entered into pursuant to IRC Section 7121. Usually, closing agreements may be entered into when it is beneficial to permanently and […]
Understanding how to cite Treasury Regulations is crucial to being able to find the regulations relevant to a tax case. This is why I devote this brief essay to explaining the location and basics of citation of Treasury Regulations. Treasury Regulations are located in Title 26 of the Code of Federal Regulations (“C.F.R.”). This corresponds […]
In previous article, I discussed what type of information you should bring to your Minneapolis business attorney. In this essay, I shift the focus toward the second part of the preparation which is about what type of questions you need to ask your business lawyer. Usually, the questions that you want your Minneapolis business lawyer […]