Joint Electronic Returns – Check With The Ex Before Hitting Send Button
A joint return is an irrevocable election – once the due date has passed. Ms. Bruce filed her return in March, though, at least a couple of weeks before the due date. So even if she had tacitly consented to the January filing, she changed her mind in time. So Mr. Bruce is stuck with married filing separate as his filing status.
Can Somebody Explain Tax Shelters To Thomas Piketty?
My career has spanned the period in which the United States moved from high marginal rates – 70% when I started – to much lower rates and something of a war on tax shelters. The high marginal rates seemed to create an irresistible impulse to use the tax code as the Swiss Army knife of social policy. Something tells me that high marginal rates will not all of a sudden give us CEOs who will say “Screw it, I’ll just take 400 grand. Not much point in having more.” Rather, there will be a renaissance of shelter activity.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.