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Libin Zhang
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51 followers
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Tax Breaks for Astronauts Who Die in Space
To answer the question on the mind of everyone who has ever seen the movies Armageddon or Gravity , there are two excellent tax breaks for (spoiler alert!) astronauts who die in the line of duty. Internal Revenue Code section 692 provides that such astronau...

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Media Appearance
Your humble blogger has made a media appearance on Politico.com: "Tax oddities live on amid budget impasse" The U.S. government will give you a tax break for buying college football tickets. And hunting whales. And if you happen to be a foreign professional...

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It Is Hard to Bowl as a Business
The income tax is a tax on net income, so tax deductions are allowed for business expenses, such as salaries, rents, and interest (though some liberal commentators complain about businesses deducting their interest expenses paid to a bank ).  In order to pr...

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Tax Break for Puerto Rico Government Debt
State and local government bonds pay interest that are generally exempt from Federal income tax, but the state income tax treatment can vary.  The New York state income tax, for example, exempts only New York bonds, and the state income tax is imposed on bo...

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100th Anniversary of the Federal Income Tax
Today is the 100th anniversary of the federal income tax, which was enacted on October 3, 1913.  The New York Times has more . The 1913 income tax applied to people who made more than the $3,000 personal exemption (around $71,000 in  today's dollars), and t...

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Tax Break for Businesses in Antarctica, But Not Employees
Internal Revenue Code section 911(a) allows US taxpayers living in a "foreign country" to earn tax-free up to $97,600 (in 2013) of wages ...

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One of the many perks of working in the tobacco industry.

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