If you claim the tuition deduction for a student, you can’t claim the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
The new Bipartisan Budget Act of 2018 (BBA), which extended funding of the federal government, also revived around 30 tax provisions that had expired at the end of 2016. These extensions are generally retroactive to 2017, but only last for just the one year.
If you meet the tax law deadline, you can “recharacterize” a Roth back into a traditional IRA. It’s like the conversion never happened.
Divide up home sale proceeds ... Find tax shelter for mortgage interest ... Tax aid for educators ... Build-up to pass-through deduction
When a married couple files a joint return, they can be held jointly or severally liable for an underpayment of tax. However, if one party is duped, he or she may apply for “innocent spouse relief.”
If you’ve booked a flight to a foreign country, it’s important to check that all your documents are in order. Strategy: Make sure that your federal income taxes are paid up. Otherwise, your passport could be denied, revoked or limited.
Did you or your child pay interest on a student loan last year? In that case, you may realize a tax benefit on your 2017 return.
What happens to your refund if the government shuts down again? ... The IRS website has changed ... SALT-free diet ... The color purple ... Another tax resurrection
While motivation for this new provision was a well-intentioned nod to the #MeToo movement, it may have unforeseen consequences.
Although the Tax Cuts and Jobs Act notoriously cuts back certain deductions and wipes out others, it actually liberalizes the medical expense deduction for 2017 and 2018.
This may be the last year you get the full tax benefit of certain tax deductions, thanks to the Tax Cuts and Jobs Act.
Find loophole for state tax prepayments ... No deduction for shareholder travel ... Tax perks of long-term care insurance ... Deduction for a work of art
The IRS is tough on deductions for travel expenses. Without the proper records to back up your claims, it might reduce or completely deny your write-offs. And it usually doesn’t help to throw yourself on the mercy of the Tax Court.
The early bird gets the worm. The earlier you file, the faster you can put money in your pocket if you’re due a refund.
The new tax law totally revamps the tax rules for companies earning income abroad.
The SSA miscalculated the wage and self-employment income ceiling ... Guidelines on deductions for prepayments ... New standard mileage rates ... IRS restructuring efforts back in play
Despite calls for its repeal, the federal estate tax survived the chopping block again. But only the wealthiest taxpayers need worry about it in the near future.
The kiddie tax generally applies to the unearned income above $2,100 received by a child in 2018 under age 19 or a full-time student under age 24. The excess is taxable at the parents’ top tax rate.
Big business entities, including multinational corporations, are expected to reap the main tax rewards under the Tax Cuts and Jobs Act.
The big tax bill signed into law around Christmas includes a welcome new federal tax credit for employers that offer paid family and medical leave to their employees. But pay attention to the fine print—not every employer can take advantage.