| Tax-exempt Organizations and Political Activities |
| Non-profit groups organized under Section 501(c)(3) of the Internal Revenue Code are prohibited from participating or intervening in any political campaign either in favor of or in opposition to any candidate for public office. Generally, this applies to religious organizations, including churches, charities, and educational institutions. More... |
| Joint or Separate Return |
| Every married couple has to make the yearly financial decision of whether to file a joint or separate federal income tax return. Filing a joint return is most beneficial when there is a substantial difference in the incomes of the spouses. Because the incomes of both spouses are combined in a joint return, it allows some of the income of higher earning spouse to be taxed at the lower marginal rate available to the joint filers, resulting in tax savings.More... |
| Property Tax Assessment Methods |
| State and local property tax statutes have a common goal, which is to ensure that owners bear an equal proportion of the tax burden in relation to other owners based on the relative value of their properties. The valuation of real property is at best an inexact science; thus, a state can choose its own method of assessing property so long as it is fair. An assessment made in substantial compliance with the legislative directive will most likely be upheld upon review.More... |
| Lump-Sum Distributions |
| If you receive a lump-sum distribution from a qualified retirement plan, you may be able to elect an optional method of calculating the tax on that distribution based on favorable rates. The special tax treatment is only available for employees born before 1936. An eligible plan participate is entitled to elect these optional methods only once after 1986.More... |
| Tax Relief for Victims of Terrorist Attacks |
| After the September 11th attack on the United States, Congress acted to provide tax relief for those injured or killed as the result of terrorist attacks along with certain survivors of those killed. Some sections of the Victims of Terrorism Tax Relief Act of 2001 apply specifically to victims of the Oklahoma City attack, the September 11th attack, and the terrorist attacks involving anthrax occurring during the months following September 11th, while other provisions apply more generally to any terrorist attacks that might occur in the future. More... |
THIENEL LAW FIRM, LLC
