INCOME TAX PLANNING

Stay informed with the most up-to-date information! New content in this latest and greatest edition: All text, exhibits and examples updated with 2022 numbers. Added clarification of marginal tax rate versus effective tax rate. Added section on tax planning strategy to fully utilize lower tax brackets to achieve tax efficiency over time. Added tax treatment of virtual currency, including: * IRS definition of virtual currency * Reporting * Substantiation of fair market value * Virtual currency as a capital asset * Holding period * Virtual currency held for investment * Virtual currency used in payment transactions This is just to name a few! Many more significant updates are included in the 15th edition!