Taxable and Nontaxable Income

Section 61 of Internal Revenue Code states that “except as otherwise provided in this subtitle, gross income means all income from whatever source derived…” and reflects the language of the 16th Amendment that authorized the Federal Income Tax. Under this…

Dependents and Exemptions

While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. Here are six important facts about dependents and exemptions that will…