6. Income Taxes
“The hardest thing in the world to understand is the income tax.”
The source of our tax laws is the Internal Revenue Code, which truly is aptly named because it often appears to be written in code. Fortunately, many tax laws and loopholes have been written specifically to help older Americans. Apparently, even Congressmen have parents.
Throughout this chapter, I refer to the tax laws in existence in the year 2012, which is when this book was written. It is important to remember that tax laws change every year with the speed of a Congressman’s tongue. For the most up-to-date versions of the tax laws referred to in this chapter, go to the tax websites cited in “Favorite Websites.”
When it comes to ...