If you’re starting your annual spring cleaning soon, don’t toss out items such as used clothing, toys and furniture. Strategy: Donate them to charity instead. That way, you’re entitled to a deduction based on the fair market value of the property.
Q. How can I convince my 25-year-old daughter that it’s better to itemize than take the standard deduction?
Q. If we move a business lunch from a country club to a restaurant, can our business deduct the full cost?
The IRS has produced an updated version of Publication 17, Your Federal Income Tax, its longstanding basic guide for individual taxpayers. Pub. 17 covers a multitude of tax issues ranging from simple filing status items to more complex tax matters.
Here are 13 key breaks for individuals and small business owners that expired after 2013.
Due to tax preparation software programs, it’s much easier to fill out a federal income tax return now than it was years ago, when you struggled through the process with a No. 2 pencil. But you still have some work cut out for you. Here are six ways you might be able to turn a potential tax liability into a tax refund.
A new report says the IRS needs to improve efficiency for telephone and correspondence services.
Q. I converted part of an IRA to a Roth in 2013. Is the conversion income subject to the new Medicare surtax? J.S.L., Boise, Idaho
On Dec. 20, 2013, the Senate confirmed John Koskinen as the new commissioner of the IRS, the first permanent chief since Douglas Shulman in 2012. Koskinen’s term as commissioner is set to expire in November 2017.
If you’re short on cash to fund an IRA contribution this year, Uncle Sam may effectively lend you the money. Strategy: Use your federal income tax refund to fund an IRA contribution.