Category Archives: Income

What is Income?

“Income” in the tax sense does not always coincide with the definition of income for other purposes. Consider a $500 graduation gift. Though clearly one’s bank statement balance would be increased by receipt of this gift, the tax law does … Continue reading

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Income Shifting

The effective rate of income tax imposed on certain individuals may reach 45 percent, or even higher, when the repeal of the Medicare wage-base cap, the limitation on itemized deductions, the phase-out of personal exemptions, and the liability for state … Continue reading

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