Category Archives: Taxes

Long Term Care Insurance May be Federal Income Tax Deductible

I have discussed in the past that Long Term Care Insurance may be state income tax deductible, but I have never really went into the federal tax aspects Long Term Care Insurance. Luckily, I don’t have to.  Every year there is an update released by The Corporation for Long-Term Care Certification. http://myjourneytomillions.com/2010_One_Page_Tax_Summary.pdf My Opinion of Long… Continue Reading

There are Many Ways to Commit Tax Fraud

There are Many Ways to Commit Tax Fraud

Most people assume that the only way to commit tax fraud is not to pay it or to lie on those documents.  However, in New York, and probably most other jurisdictions, there are numerous ways to commit tax fraud. Like the Federal Government, and most other States, New York is short on tax revenue and in… Continue Reading

Cancellation of Debt May be Taxable Income

Cancellation of Debt May be Taxable Income

I learned a very interesting lesson today that I thought I’d share with everyone.  It is not a new lesson in fact I remember it from Federal Income Tax class but haven’t heard about it in years.  It was years, until my brother grabbed me in between my 8th and 9th beer on the 4th… Continue Reading