The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It's a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs Act...
When you acquire assets for your business—whether it's office equipment, machinery, or even vehicles—you're essentially investing in property that will help generate income over time. These assets, however, don’t retain their full value indefinitely. Depreciation is a way to account for the gradual decline in...
You may be able to turn an IRS tax payment into a tax refund if you take some year-end actions now. Consult with your tax professional to determine if any of the following actions apply to your situation....
The IRS has issued important reminders regarding health and wellness deductions, emphasizing that many personal health-related expenses do not qualify for tax breaks. If you have an FSA (Flexible Spending Account), HSA (Health Savings Account), or MSA (Medical Savings Account), you cannot deduct or be...
It's not always easy to figure out which home office write-offs are acceptable and which are not approved by the IRS. Below is a summary of the key provisions to give you a better idea of what you are able to deduct with the IRS....
Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they itemize on Form 1040’s Schedule A are they able to deduct such costs....
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. But it's fraught with confusion. To claim the home office deduction on your tax return, you must exclusively and regularly use part of your home or a separate structure...
