Tax Law Is Full of Exceptions

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Before doing your taxes, read the fine print. Experts say the new tax rules aren’t as black and white as they might seem

An Internal Revenue Service official once introduced me to the rule of PUNG. When writing about taxes, he said, make frequent use of the words “probably, usually, normally and generally.”

That’s generally good advice—not only for tax columnists struggling to explain tricky tax laws but also for tens of millions of taxpayers racing to file their returns on time. “The law is chock-full of exceptions” and counterintuitive twists that are easy to overlook and can often have an important impact on your tax bill, says Claudia Hill,...

 

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