Source: Sharing Economy Tax Center
August 4, 2016
Taxpayers who were wrongfully-incarcerated can now take advantage of the new retroactive exclusion from civil damages, restitution or other monetary awards received in connection with their incarceration. The retroactive exclusion is only available through Dec. 19, 2016, for tax years 2012 and earlier that would otherwise be barred in most cases. Eligible taxpayers must file Form 1040X for each year these payments were reported and write “Incarceration Exclusion PATH Act” at the top.
In general, taxpayers can amend their tax returns for tax years 2013 and after by filing Form 1040X within three years after the date they filed their original return. Going forward, there are no reporting requirements for receipt of an award qualifying for the wrongful-incarceration exclusion. This means, for the year an award is received, recipients need not report the award on their Form 1040 tax return or submit any documentation to the IRS.
August 1, 2016
- No matter what happens to us, we control how we respond to it.
- Don’t take any drugs a doctor prescribes before knowing the full extend of their side effects.
- Life is too short not to laugh every day.
- Go to bed with gratitude in your heart for what was good about your day.
- Wake up each morning thinking about who and what you love most.
- Eat a lot of fruits and veggies.
- Put down the donut.
- Get some exercise.
- Don’t make excuses about anything.
- Rest when you need to but don’t be lazy because life is too short for laziness.
- Admit mistakes and apologize when you are wrong.
- Another person’s bad attitude doesn’t have to be our problem.
- Avoid drama.
- Watch sunsets.
- Sit by the sea whenever you can.
- All politicians lie.
- We don’t have to agree to get along.
- Diversity of thought is a good thing.
- We cannot win…
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April 27, 2016
If there is one thing you get good at when you have a mysterious medical condition, it’s the art of waiting. So much about having sarcoidosis is a waiting game. You have to wait in many a doctor’s office. You have to wait for test results and lab work. You have to wait for the doctor’s call. You have to wait for a proper diagnosis. You have to wait to see if treatment will help. You have to wait to find out if you’ll go into remission or be chronic. You have to wait to find out how disruptive the disease will be…what it will take and how it will change your life.
Waiting can be maddening and worry becomes a bitter enemy. It must be guarded against. We cannot make ourselves crazy with “what ifs”s or “maybes” or “could bes” because anything can happen with this disease and when…
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April 22, 2016
Takara Allen is tired of white men on Tinder saying she’d be “prettier” if she was white. Allen, who is black, told “The Daily Mail” she was “devastated” when a white man she went on one date with suggested she “bleach” her skin. The 22-year-old make-up artist posted the text exchange on her Facebook page,…
April 1, 2016