I thought I was an aggressive tax preparer, listen to the deductions these wackjoints tried to take: Arsonist Expenses I kid you not. A man paid an arsonist $10,000.00 to burn down his furniture store warehouse. The plan was not only to collect the $500,000 insurance money, but also to deduct the $10,000 expenses of [...]
Tags: Deductible Expenses
Check out this cool article about who amongst us is more likely to cheat on his taxes at Seven Profiles of Tax Cheats. Ya gotta love this one: Show Me The Finger – People who love to show their middle finger or gesticulate rudely while driving are likely to cheat. It’s because they feel offended by other [...]
Tags: Tax Crimes · Tax Humor
Tax Girl blogged yesterday that embattled House Ways and Means Chairman, Charlie Rangel, in Rangel Refuses to Give up Chair Despite Probe. Here’s the Girl: Rep. Charles Rangel (D-NY) has announced that he will not step down as chairman of the House Ways and Means Committee, despite an ethics investigation into his personal finances. Instead, according to [...]
Tags: Gross Income · Individual Taxation · Legislative Watch · Opinion
The Wall Street Journal reports that, Based on inflation data released Tuesday by the Labor Department, the personal exemption amount, standard deduction, federal income-tax brackets and many other tax-related numbers will increase in 2009, thanks to annual adjustments required by law. Once again, high-income taxpayers generally will benefit the most The amount of the tax [...]
Tags: Individual Taxation · News
“It is one of the most beautiful compensations of life that no person can sincerely try to help another without helping themselves.” – Ralph Waldo Emerson I got this schedule from Paul Caron’s TaxProf Blog which contains selected data from Democrat Vice Presidential candidate, Joe Biden’s, federal income tax returns: Obviously, Caron is interested only in [...]
Tags: Campaign 2008 · Deductible Expenses
I am no great fan of the raspy-voiced, muckraking Congressman from New York but I’ll take a client whenever I can get one. Charlie, they say, received $75,000.00 in rental income for a Villa he owns in the Dominican Republic and failed to report that income on his federal, state and city income tax returns. [...]
Tags: Deductible Expenses · Individual Taxation · Tax Crimes
The IRS published its criminal conviction statistics for the first six months of 2008 and, according to TRAC, Convictions over the past year are much higher than they were ten years ago. Overall, the data show that convictions [for structuring transactions to evade reporting requirements] are up 72.4 percent from the level of 29 reported in [...]
Tags: Tax Crimes · Tax Tips
