Let's pick up the thread of a discussion we began earlier this spring about the tax treatment of individual retirement accounts (IRAs).
Tax considerations have long played a role in businesses' choices of entity.
The proper use of retirement accounts is an important part of tax planning for many people.
In part one of this post, we noted that taxpayers in Texas may be adversely affected by the failure of Congress to continue a long-standing tax break for the payment of state and local sales taxes.
Some states have income taxes and some do not. And in states with income taxes, Congress allows taxpayers to deduct their state income tax payments from their federal taxes.
We write about many nuts-and-bolts tax issues in this blog. From correspondence audits to employment taxes and on and on, there is never a shortage of specific issues to address in our very complicated U.S. tax system.
The connection between charitable giving and tax write-offs shows the complexity of human motivations. On the one hand, many people are altruistic and enjoy helping others and the wider community by giving gifts to charities that perform various forms of service.