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The IRS Cannot Take These Types of Income From You
By Kelsey Houser of Law Offices of Darrin T. Mish, P.A.
The IRS Cannot Take These Different Income Types From You The IRS should not be paid more than what's required in taxes, and smart taxpayers are aware of this. They are aware that, by overpaying and getting a refund each year, means that they loaned the government money sans interest. And because it may lead to IRS issues, you also do not wish to underpay and owe the government money. However, what most people do not realize is that there are several types of income that the government legitimately can't collect taxes on. As a matter of fact, there are possibly numerous ways to keep the IRS at bay than most taxpayers realize. The IRS can't tax particular income types since it's not allowed by tax law. Understanding what the IRS cannot tax can let you keep your money, but you need to do everything right to avoid tax problems. One income is tax-free investment instruments. These are state-issued bonds more commonly called municipal bonds that are free from federal taxes. The value of these bonds rise as your overall income goes up, meaning their tax benefit goes up when your tax rate goes up. A very little known source of income that cannot be taxed is money that is earned from charging fees in a car pool. The money you collect from your passengers in a car pool can be excluded from your reported earnings with issues with the IRS. Selling your home is another income source that's excluded from taxes. You can exclude up to $250,000 if you sell your house, and if you file a joint return with your spouse, $500,000. Every two years, you can claim this exclusion. A partial exclusion can also be claimed if you sell your house after less than 2 years. There are many restrictions, so it's advised to ask a tax professional to ensure that you're doing this correctly. A lot of people assume that a raise can only be received as more money in their paychecks. Actually, basing on your situation, it may be a better option to ask your employer to give you a more creative form of a raise. For example, if you ask your employer to pick up the cost of a better insurance option, this saves you money and makes it impossible for the IRS to tax your raise. Also, compared to having your employer pick up the payment for you, you can make payments with after-tax money by picking a higher healthcare policy. You will not have to handle potential IRS problems and you win in various ways if you select an option such as this. Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He also spends a great deal of time traveling the nation providing training to attorneys, CPAs and Enrolled Agents on how to handle their toughest cases with the IRS. If you would like more information about his services please visit http://getirshelp.com. |
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February, 2012
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