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Based on comments and questions I have received from clients and readers it appears that there is still some confusion about the rules for taxing gain on the sale of a personal residence. Many people think the “old rules” still apply.
THE OLD RULES:
In order to postpone paying incom…
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Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free?
— Charlie B.
A: Sorry,…
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Did you know the federal income tax celebrated its 92nd birthday on October 3rd?
In February of 1913 the 16th Amendment was ratified by the required two-thirds of the states. The amendment gave Congress the power to “lay and collect tax on incomes, from whatever sources derived, without ap…
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