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Your Money Or Your Life – Which Can You Deduct ?

Your Money Or Your Life – Which Can You Deduct ?

Ronald and Judy Mills recently lost in Tax Court, but when you think about it maybe they didn’t do so bad overall.  The issue in the decision was whether they should be subject to an accuracy penalty.  One of the ways that you can avoid an accuracy penalty is by...
Would Be Developer Tripped Up By Interest Tracing Rules

Would Be Developer Tripped Up By Interest Tracing Rules

Back in the good old days (i.e. before the Tax Reform Act of 1986), interest that you paid was generally deductible.  Now we have several categories of interest that are deductible subject to various limitations and personal interest which is not deductible at all. ...
War Tax Resisters – Don’t Call Them Frivolous

War Tax Resisters – Don’t Call Them Frivolous

Despite my ability to find large amounts of humor in original source tax material, taxes are a serious matter.  The IRS has been directed by Congress to stamp out frivolity in tax submissions.  Code Section 6702 requires the Service to make a list of frivolous tax...

Will Liberal Ministers Challenge Their Own Tax Loophole ?

A tightly focused petition has cleared the first hurdle on the White House We The People site.  The petition calls for the repeal of Section 107 of the Internal Revenue Code.  Section 107 provides that housing or a cash allowance in lieu of housing received by...