History of Income Taxes
As we approach the beginning of a new year, I thought you might enjoy a break from all the numbers (such as percentages, thresholds, tax rates, etc.) that are usually included in my column. Instead…
IRS Regulatory Overreach, Part 5
The 2021 tax filing season officially ended on Monday 10/17, which was the filing deadline for extended personal income tax returns (Form 1040). As mentioned in a previous article, submitting F…
Tax Theory, History, and Regulatory Overreach, Part 2
In Part 1, I asserted that I witnessed regulatory overreach and abuse by the IRS during my 40-year career. I also presented my 6-point quick tax primer and listed the many Acts (taxes) impose…
Tax Theory, History, and Regulatory Overreach, Part 1
As we celebrate the 246th birthday of our great country tomorrow, I thought I would explain current tax theory, the historical part that taxes played in the formation of our country, and regulatory o…
IRS Destroys 30 Million Paper Returns
Why am I not surprised to discover that the IRS destroyed 30 million unprocessed 2020 tax returns without authority? This was first brought to my attention on May 13 via an online article by Paul Bon…
Protecting Yourself from Tax Myths, Mysteries and Frauds
Happy 245th birthday to the United States of America. The last sentence of the Declaration of Independence reads: “And for the support of this Declaration, with a firm reliance on the protection…
How to Improve the IRS
Tax season is over. Hopefully, you got your 2020 tax return filed by May 17, or filed an extension (which was the topic of my last column).
Before proceeding, I need to point out that the Alli…
How and Why to File a Tax Extension
The 2021 personal income tax filing deadline was postponed one month from April 15 to May 17. Since the tax deadline is only eight days away, I thought I would cover the topic of extensions. Thi…
US Debt and New Taxes
Recently, I heard on the radio that the $1,900,000,000,000 ($1.9 trillion) spending bill had just passed the Senate. It was cleverly called a COVID relief bill, but only 9 percent (about $171 billion…
What is Different This Year?
I trust you and your sweetheart will be able to enjoy some quality time together and appreciate each other for Valentine's Day this month.
On the opposite end of the spectrum from love is taxes. Acc…
The IRS is Auditing You, Now What? Part 2
Last month, I began to explore the IRS audit process. I warned you 1) not to ignore a letter sent by the IRS, 2) to read the letter, 3) to get professional help, 4) that most audits are Correspondenc…
The IRS is Auditing You, Now What?
By the time you read this article there will be less than two weeks left before 2021 arrives. Since I gave you yearend tax reduction advice last month, I have a new topic to cover. What should you do…
College and Taxes
Today, I will address the huge return on investment available from the little-known college planning industry and also review the familiar tax breaks that help offset the cost of paying for college…
Questions to Ponder
I am taking this article in a different direction. Instead of communicating facts and opinions about the tax code or personal finances, I have chosen to invoke the power of the question. Despite my b…
Taxes, Back to Basics
I thought it might be time to explain some of the basics of taxes. Taxes fund expenditures of government. Synonyms for “tax” include: duty, tariff, civil obligation, levy, toll, government’s share. I…
