Search

Penalty-free retirement distributions, casualty loss deductions and delayed tax filing and payments can all provide some short-term financial relief. [ABSTRACT FROM AUTHOR]

After the targeted murder of UnitedHealthcare CEO Brian Thompson, some companies are ramping up their executives' protection. Sometimes, those costs can be tax-favored. [ABSTRACT FROM AUTHOR]

Since the 2017 tax reform, fewer donors are getting deductions for their giving. But with some planning, you may still be able to snag a tax reward for your generosity. [ABSTRACT FROM AUTHOR]

Our latest edition of Tax Breaks. Plus: Hurricane Helene relief, more states say yes to IRS Direct File, no tax on tips, tax filing deadlines, industry updates and more. [ABSTRACT FROM AUTHOR]

Inflation-adjusted amounts in the tax code are expected to increase by 2.8% from the 2024 numbers—about half the increase that taxpayers saw in 2024. [ABSTRACT FROM AUTHOR]

Our latest edition of Tax Breaks. Plus: Supreme Court rules on Moore, IRS denies billions in ERC claims, tax deductions, industry news, and more. [ABSTRACT FROM AUTHOR]

Our latest edition of Tax Breaks. Treasury stares down another challenge, home mortgage interest and real estate tax deductions, the latest on ERC claims, and more. [ABSTRACT FROM AUTHOR]

Republicans in the House have proposed H.R. 7160, the SALT Marriage Penalty Elimination Act, which would double the cap on the state & local tax deduction (SALT). [ABSTRACT FROM AUTHOR]

Thinking of making a gift to help those suffering abroad? You are not typically not allowed a tax deduction for contributions to a non-U.S.-based charitable organization. [ABSTRACT FROM AUTHOR]

A Colorado homeowner discovered that her new house came with walls full of snakes. Mitigating that damage will be expensive—but is it also tax deductible? [ABSTRACT FROM AUTHOR]

To benefit from most tax-favored moves for 2022, you needed to have taken action by December 31, 2022. But there's a significant exception to that rule: contributing to an IRA. [ABSTRACT FROM AUTHOR]

As part of its annual Dirty Dozen campaign, the IRS is urging everyone to be on alert for scammers operating fake charities, especially following major disasters. [ABSTRACT FROM AUTHOR]

The article focuses on the U.S. Internal Revenue Service's (IRS) confirmation on the reimbursements for potential tax-free moving expenses in 2017. Topics discussed include an overview of the timing of expenses and income under IRS rules, the exclusion from income, the moving services given to employees, and the rules on reimbursements.

The author discusses the myths prevalent with regard to the back to school market in U.S. and outlines the truth. She discusses and breaks a common myth on the non-existence of deduction for student loan interest by highlighting the matter of deductions to have remained in place in accordance to the final version of the Tax Cuts and Jobs Act of 2017. She also offers insights with regard to student loans being tax deductable.

The article reports on the Personal Health Investment Today (PHIT) Act being considered by the U.S. Congress to make gym memberships and fitness classes tax deductible. Topics discussed are qualification of sports and fitness expenses as medical expenses, sports programs excluded from the bill, limitations for deducting medical expenses, and benefit of the bill to taxpayers who have health savings accounts and flexible spending accounts.

The article provides an answer to a question on the legality of saving taxes by reclassifying a home as a rental property and thus taking the standard tax deduction.

The article offers information on the Tax Cut and Jobs Act (TCJA) that make, tax filing easy and straighforward as taxpayers can claim the increased standard deduction. It mentions that the TCJA added tax breaks including temporary 500 dollars nonrefundable credit for qualifying dependents to the child tax credit. It mentions that the secondary tax for taxpayers need a separate form.

The article offers information about tax deduction and income tax policies in the U.S. It discusses the Internal Revenue Service's (IRS) recommendation to do a quick checkup on one's taxes by plugging to one's current tax data into the withholding calculator on the IRS website. Other information related to tax reform and itemizing tax deductions is presented.

The article informs that the U.S. Internal Revenue Service (IRS) expects to receive about 17 million tax returns this week. It is noted that of one is planning on filing a paper return or paying by check, one need to be sure to put the return and/or check in first-class mail by the due date. It is noted that the IRS will only accept e-mail as sufficient proof of mailing. It is noted that the only real proof that the IRS will accept for a mailed return is certified or registered mail.

The article reports on the benefits for taxpayers who donated disaster relief funds in 2017 in the U.S. It is said that one can only deduct contributions to qualified tax-exempt charitable organizations for federal income tax purposes. Certain qualified charitable contributions are not subject to the 50% of adjusted gross income (AGI) limitation or the itemized deduction limitation.

The article offers information on optional standard mileage rates in the U.S. following the 2017 tax reform. These are used to calculate the amount of a deductible mileage-related expense. For 2017, the optional standard mileage rates as reported by the Internal Revenue Service (IRS) for the use of a car, van, pickup or panel truck are 53.5 cents per mile for business miles driven.

The article provides information on response of the U.S. Internal Revenue Service (IRS) on tax extenders and tax benefits. Topics discussed include review of legislation signed by IRS and modified tax communities; mortgage insurance premiums and qualified expenses; and amendment in tax returns; and home improvement projects.

The article presents the author's views on the increasing demand of cryptocurrency and tax deductions from it, Various topics discussed include its comparison with bitcoins, calculation of capital gains by him, factors affecting its growth, commission paid for managing the currency and realization of profits associated with the currency.

The article provides an answer to a question concerning tax deduction from the charitable donation.

The article focuses new tax rates under 2018 tax reform in the U.S. including Medical and Dental Expenses, State and Local Taxes and SALT caps.

The article discusses tax reforms in the U.S. Topics discussed include marginal tax rate, itemization of deduction to claim certain tax benefits and elimination of job and employee expenses which are not reimbursed may be deductible on Schedule A. It also discusses claiming a personal exemption for own, spouse and dependents.

The article presents several tips for making charitable donations tax-deductible in 2017. It suggests itemizing deductions to claim charitable deduction on the tax return. It cites donating to qualified charitable organizations to get tax deductions. It mentions the importance of paying attention to the value of any donor incentives.

The article presents nominations of charity for the 12 Days Of Charitable Giving in 2017, where the charity should be a bona fide 501(c)(3) organization which entails that donations are tax-deductible in the U.S.

The article offers information on the Quid Pro Quo donation payments and the rules of tax deductions regarding them. Topics discussed include the exchange of goods or services under Quid Pro Quo, the need for the charitable organization to provide a person with a disclosure statement that includes the details of the transaction, and the use of the statement to calculate the amount to be deducted for federal income tax purposes.

The article discusses several aspects of taxation in the U.S. It mentions need for high-income taxpayers who itemize their deductions on a Schedule A, Itemized Deductions, to be aware of Pease limitations which are named after Don Pease, House of Representatives in the U.S. It mentions Pease limitations are applied to charitable donations, home mortgage interest deduction, state and local tax deductions and miscellaneous itemized deductions and not applicable on medical expenses.

The article offers information on the taxation for over-the-counter medicines in 2017. Topics discussed include tax deductions from one's medical expenses that surpass the percentage of adjusted gross income (AGI), various medical expenses that qualified for the deductions such as diagnosis, cure, and treatment, and the reimbursements for medical cost.

The article offers the author's insights on how enjoy the winter weather in Pennsylvania. The author discusses the tax deductions for homeowners and renters in terms of maintenance of residential rentals, snow removals, and other cold weather maintenance. The author also discusses the response of the U.S. Internal Revenue Service (IRS) on the proposed tax deductions on weather-related conditions.

The article suggests 10 ways on how taxpayers in the U.S. can lower the odds of getting audited by the Internal Revenue Service (IRA) for the 2017 tax season. It includes checking the accuracy of data on the tax returns, the need to double check Social Security Numbers (SSN), and being mindful of the number of credits and deductions available to taxpayers.

The article offers information on expenses that may not be claimed by taxpayers in the U.S. as tax deductions. Topics discussed include the way the U.S. Internal Revenue Service (IRS) categorizes pet-related expenses as personal, the need for gym memberships and weight loss programs to be ordered by a physician to be deductible, and reasons why vitamins, maternity clothes, and plastic surgery costs are not tax deductible.

The article offers information on the charitable event and presents list of charitable institutes including Technoserve, Committee To Protect Journalists, and Lexi's Little Angel Memorial Benefit (LAMB). It also mentions about the tax deduction for the qualified charitable organizations for 2016 tax year.

The article announces the release of the 2017 optional standard mileage rates by the U.S. Internal Revenue Service (IRS) which will take effect on January 1, 2017.

The article offers tips on making sure that charitable donations qualify for tax deductions under U.S. tax laws. Topics discussed include the importance of itemizing deductions on tax returns, the sources of information for determining whether a charitable organization qualifies for tax deductions and the rules on making donations to individuals. Also discussed are the information that should be included in the receipt for the donations and the rules on payroll deductions.

The article discusses some of the tax breaks that the U.S. Congress may allow to expire at the end of 2016. These include mortgage insurance deduction, exclusion for home debt forgiveness, energy efficiency credits, tuition and fees deduction, favored medical expense floor for senior citizens and empowerment zone incentives.

The article offers information on tax rules for the military in the U.S. Topics covered include the special tax benefits for those serving in support of a combat zone, the tax deductions available to reservists and the estimated value of the Earned Income Tax Credit (EITC) for low- and moderate-income service members. Also mentioned is the automatic extension to file a federal income tax return to service members stationed abroad.

The article discusses the expected tax relief with the U.S. tax rates systems in terms of tax brackets,exemptions and deductions. Topics include the reference to the minimal increase in the consumer price index (CPI) data as per the U.S. Bureau of Labor Statistics, mandatory annual adjustments based on inflation provision in the Tax Code as well as federal income brackets. Also mentioned are tax legislation penalties, relief for taxpayers and flat interest levels.

The article discusses the issue on taxing the Olympic medals and prize money won by U.S. athletes. Topics covered include the U.S. tax law implements taxes on global revenue of its citizens like bonus money, prize money and endorsements, tax values of Olympic gold medals based on dates they were earned, and the application of federal income tax return deductibles on Olympic gold medals and bonuses.

The article offers 7 tax breaks that can be claimed for going green in celebration of the 46th anniversary of Earth Day, which was officially celebrated on April 22, 1970. Some of the tax breaks mentioned include charitable donations, residential energy efficient property credit, and electric vehicle incentives.

The article discusses the income tax consequences of outplacement services in the U.S. Topics covered include the need to include the entire amount of an employee's severance pay as income in his or her tax return if he or she accepts services in exchange for reduced severance pay, an example of how the tax deduction for outplacement services is calculated, and the role of human resources (HR) people and tax professionals in helping employees deal with this matter.

The article offers information on taxes and tax filing in joint return in the U.S. Topics discussed include option available to married couple to opt to file a joint return or separate tax returns, joint return applied on income for both taxpayers along with deductions and credits and joint return requires two signatures else it is not considered as properly filed return.

The article reports on the Internal Revenue Service's (IRS) issuance of the 2016 optional standard mileage rates. It presents the standard mileage rates for the use of a car, van and pickup or panel truck effective January 1, 2016. Topics discussed include the difference in the rates for business and medical or moving purposes, what the decline in mileage rates for 2016 signifies, and the other option of deducting actual costs rather than using the standard mileage rates.

The article offers suggestions for keeping health insurance coverage after college. Topics discussed include enrolment in health plans when changing job or getting married, choose health insurance discounts, avoid high tax deductions, federally impose of fine for not having insurance and allowing young adults to stay on parent's health care plan in the U.S. Affordable Care Act.

The article presents the question on which one deduction would taxpayers want to hold onto should all deductions under the Tax Code be scrapped.

The article discusses the difference between the Fair Tax, the flat tax and the current tax in the U.S. as of August 2015. Topics covered include the progressive income tax, the use of personal exemptions, tax credits and tax deductions to change the effective tax rate, and the countries that use a progressive income tax system such as Japan and Germany.