| Disability Pensions |
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| Payments received from disability pensions financed by an employer are generally considered taxable income. These payments might include amounts for personal injury or sickness through an accident or health plan. If the taxpayer and the employer shared in the cost of the plan, only that portion of the payments resulting from the employer's contributions are taxable. If the taxpayer paid the entire cost of the plan, none of the payments are considered taxable income. However, if the payments were reimbursements for medical costs made in a previous year that were deducted as medical expenses, they may give rise to taxable income. More... |
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| Individual Taxpayer Identification Numbers |
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| The Internal Revenue Service issues Individual Taxpayer Identification Numbers (ITINs) to foreign nationals and other individuals who are required to have a U.S. taxpayer number but who are not eligible to receive a Social Security number. The issuance of ITINs helps individuals comply with federal tax laws and provides an efficient way for the IRS to process and account for tax returns and payments for those who are not eligible for Social Security numbers. More... |
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| Traditional Individual Retirement Arrangements |
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| In an attempt to encourage personal savings for retirement, Congress has established a plan that gives you tax advantages for setting aside money for retirement. When you contribute to an individual retirement arrangement (IRA), you may be entitled to deduct some or all of the contribution, and the amounts in the IRA, including earnings, are usually not taxed until they are distributed. The advantage to delaying taxation is that many people are in a lower tax bracket after retirement, thereby reducing the amount of tax paid on the contributions and earnings. More... |
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| Amortization of Goodwill and Other Purchased Intangible Assets |
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| It is not unusual for a taxpayer to pay more for a business than the fair market value of its tangible assets would seem to command. So why does a taxpayer pay more? The answer is that he or she has actually bought more than hard assets. More... |
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| Business Income |
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| The definition of taxable business income is a broad one. To paraphrase the Internal Revenue Code, it includes all income from whatever source it is derived. In general, anything of value received by a business is considered income unless it is specifically excluded by the tax laws. More... |
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