Source: http://thorgoodlaw.com/category/taxable-income/
Timestamp: 2017-07-27 16:45:14
Document Index: 418160098

Matched Legal Cases: ['art 5', 'art 3', 'art 1', '§ 172', 'art 2', 'art 2', '§213', '§213', '§1311', '§ 1311']

Taxable Income | FREE Yourself from IRS Problems
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This is a preview of Tax Treatment of Business Entities Part 5: S Corporations. Read the full post (482 words, 1 image, estimated 1:56 mins reading time)	Posted in Capital Gains, Capital Losses, Corporate Tax, Taxable Gain, Taxable Income | Tagged capital gains, Double taxation, passive income, S corporation | Leave a comment	Tax Treatment of Business Entities Part 3: PartnershipPublished January 30, 2017 | By admin	Startup business owners must consider the legal and tax considerations associated with selecting a particular type of business structure. This is the third part of a series of blogs on the tax treatment of business entities. This blog will address the tax treatment of partnerships.
This is a preview of Tax Treatment of Business Entities Part 1: Introduction. Read the full post (598 words, 1 image, estimated 2:24 mins reading time)	Posted in Business Expenses, Corporate Tax, Limited Liability Companies, Ordinary and Necessary Expenses, Partnership Tax, S Corporations, Taxable Income | Tagged and limited liability company (LLC), corporation (C corporation), disregarded entity, partnership, S corporation, self-employment tax, sole proprietorship | Leave a comment	The (Trump’s) Net Operating Loss (NOL), ExplainedPublished January 17, 2017 | By admin	At the beginning of October, the New York Times released pages from Donald Trump’s Connecticut, New Jersey and New York 1995 tax returns, apparently reflecting that the Donald declared “other income” of negative $916 million and was prepared to forego any federal income tax liability for up to 18 years by carrying forward this “net operating loss” (NOL). So what is a net operating loss?
This is a preview of The (Trump’s) Net Operating Loss (NOL), Explained. Read the full post (513 words, 1 image, estimated 2:03 mins reading time)	Posted in Deductions, Income, Income Exclusions, Income Tax, Profits & Losses, Taxable Gain, Taxable Income, THORGOOD Law Firm | Tagged carry forward, carryback, deductions, Donald Trump, I.R.C. § 172, negative taxable income, net operating loss (NOL) | Leave a comment	Yes, Olympic Medals and Prize Money Are TaxablePublished November 1, 2016 | By admin	The Summer Olympics in Rio de Janeiro recently concluded and many Americans took home gold, silver, and bronze medals. To be precise, 46 gold, 37 silver, and 38 bronze medals were won by American athletes. But not only were U.S. athletes like Michael Phelps and Kevin Durant raking in the gold in Brazil, so was the U.S. Treasury Department and the Internal Revenue Service. Yes, big surprise, the U.S. government has a stake in the Olympics as it taxes Olympic winnings as income.
This is a preview of Yes, Olympic Medals and Prize Money Are Taxable. Read the full post (335 words, 1 image, estimated 1:20 mins reading time)	Posted in Taxable Income | Tagged awards and winnings, income tax | Leave a comment	Tax Benefits For Education Part 2Published August 5, 2016 | By admin	This is the second part of our multi-part blog on tax benefits for education. Any present or former (or future) student should utilize the knowledge, experience and expertise of the tax professionals at the Thorgood Law Firm to ensure that they take advantage all the credits and deductions that the law allows for students of higher education.
This is a preview of Tax Benefits For Education Part 2. Read the full post (377 words, 1 image, estimated 1:30 mins reading time)	Posted in Deductions, Education Tax Credit, Income Tax, Student Loans, Tax Credit, Taxable Income | Tagged deduction, exclusion, Lawyer, modified adjusted gross income (MAGI), new york city tax attorney, New York City Tax Lawyer, New York Tax Attorney, New York Tax lawyer, nyc tax attorney, Schedule A Form 1040, student loan, Tax, tax credit | Leave a comment	Taxes And Medical ExpensesPublished July 22, 2016 | By admin	Taxpayers that itemize​ personal deductions instead of claiming the standard deduction may deduct qualifying medical expenses to the extent that such expenses exceed 10 percent of adjusted gross income (“AGI”). Taxpayers that are 65 years or older, or turned 65 during the tax year, may deduct unreimbursed medical care expenses that exceed 7.5% of AGI. This threshold amount remains at 7.5% of adjusted gross income for these taxpayers until Dec. 31, 2016. I.R.C. §213(f).
This is a preview of Taxes And Medical Expenses. Read the full post (800 words, 1 image, estimated 3:12 mins reading time)	Posted in Deductions, Expenses Deductions, Health Expenses, Income, Medical Expenses, Qualified Disability Expenses, Taxable Income | Tagged adjusted gross income, deduction, I.R.C. §213(f), itemized deduction, Lawyer, new york city tax attorney, New York City Tax Lawyer, New York Tax Attorney, New York Tax lawyer, nyc tax attorney, Schedule A, standard deduction, Tax, tax attorney, tax lawyer | Leave a comment	The Mitigation Provisions Of I.R.C. §§1311-1314Published July 11, 2016 | By admin	While the IRS uses the mitigation provisions of I.R.C. §§ 1311-1314 to reopen a taxpayer’s closed tax year and assesses tax deficiencies, it hardly facilitates taxpayers in using these provisions in similar fashion when seeking a refund from a closed year. Nonetheless, Congress intended that the mitigation provisions ensure that if certain prerequisites are met, either the government or the taxpayer may secure appropriate relief.