Taxable Talk

From Russ Fox, E.A., of Clayton Financial and Tax of Irvine, CA
All items below are for information only and are not meant as tax advice.
Please consult your own tax advisor to see how each item impacts your own situation.
$1 = $300
If I told you that $1 equals $300, you'd rightly tell me that I need to take remedial math. However, there is an instance where that's the case.

The IRS issued Revenue Procedure 2008-21 yesterday. This Revenue Procedure allows an individual to add $1 as Adjusted Gross Income when that individual would normally have $0.

Why would you do that? So that you can electronically file and get the tax rebate (stimulus) payment this Spring of $300. Joe Kristan has more.