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So you want to win the lottery...

Tip of the Month

August 2002

So you want to win the lottery...

An Oregon couple hit the big one and decided to take the 20-year payout. Then they decided to sell their future earnings at a discount, winding up with $4 million. They reported the money as a long-term gain. However, the court didn't agree. Their earnings were taxed as ordinary income. Ouch. Nothing like a little sticker shock with your tax return.

So you want to argue with the IRS ...

The IRS, as part of their recent "customer" service changes, now boasts that they will settle disputes with individuals and small businesses in no more than 40 days. That's a promise.

Sell your land back to Mother Nature ...

...and you can deduct up to 25% of your profits. If you sell your land to be used for conservancy to a local, state, government or a federal agency, or even a non-profit conservancy organization, and you've owned it for more than five years, you can deduct up to 25% of your capital gains. Tweet tweet.

Keeping an eye on your work ...

The IRS ruled recently that redial keratotomy and LASIK surgery are both qualified medical expenses. This means that if a worker is reimbursed for the procedures, the employee won't be taxed on the money. See?
 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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