No one would deny there are generational differences. For example, in the realm of music, Baby Boomers of course had their rock ‘n roll. But other generations have their own preferences, from hip hop to a host of other genres. What about taxes? In this two-part post, we will take […]
The tax code allows for many different types of deductions, including home mortgage interest, charitable contributions and many more. All of these deductions seek, in various ways, to encourage some form of desirable social activity. What about deductions for taking care of pets? Are there circumstances in which a deduction […]
Tax law is complex. Only a handful of people fully understand it and taxes are often controversial. While they pay for various services, who pays and how much are tricky policy questions. Tax laws, like any laws are violated for various reasons. Sometimes, the violations are motivated by greed, but […]
Opinions on gambling run the gamut. Some say it’s not gambling if you don’t lose. Others say that gambling usually involves getting nothing for something. Regardless of how you view it, however, gambling has tax implications. In the first part of this post, we discussed the tax aspects of fantasy […]
Legendary crime boss and Mafioso Al Capone learned the hard way that the tax man always cometh. Even “Scarface” himself wasn’t immune to the eventualities of life: death and taxes. Despite being a known gangster and bootlegger, openly running illegal gambling operations and brothels, extorting countless and being responsible for […]
No one wants to pay taxes. But some people seek creative approaches to lower the amount that they owe. The problem is that many cross the fine line that separates tax avoidance and tax fraud. When does nonpayment or underpayment of a tax bill become criminal? To start this discussion, […]
In the first part of this two-part post, we began discussing a few of the ways in which the different approach that the Millennial generation tends to take to tax compliance compared to other generational cohorts. We noted, for example, that Millennials tend to have a lot of concerns about […]
In Texas and across the country, the “Friday night lights” are back on. Colleges and the NFL have kicked off new seasons as well, as football again takes center stage in many people’s leisure activities. Of course, football-following fever goes way beyond going to a stadium or watching games on […]
Let’s continue the discussion we began last week of the impact of marital status on taxes. In the first part of the post, we noted that married people don’t necessarily get better tax treatment than unmarried people. For example, an unmarried couple can come off better than a married couple […]
About a year ago, we devoted a post to the impact of marriage on taxes. In that post, we asked whether there really is a “marriage penalty,” by which married couples may end up paying more in federal income tax than they would have if they had filed separately. We […]