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 provide general information on tax, accounting, and financial topics for small businesses and individuals. They are educational in nature and are not specific legal, accounting, financial, tax, or other professional advice, and should not be relied upon as such. This content was prepared by Service2Client and may have been reviewed or edited by the website owner for accuracy and compliance. Look for a trust mark below for verification details. No representation is made that any approach described will achieve a particular result, and no regulatory or professional body has reviewed or endorsed this content. Because each situation is different, readers should consult a qualified professional about their specific circumstances before acting. Images accompanying these articles are protected by copyright and may not be copied or reused.

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