Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.
Often in divorce, a court order stipulates which parent may claim a child or children on their taxes. This can also be used as a bargaining chip for either party when negotiating an agreement. But, what does the Internal Revenue Service (IRS) say about who can claim a child? While a local court may stipulate[ … ]
Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses.
The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.
If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
You may assume that if you make a charitable contribution to an eligible organization, you’ll receive a tax break for it. That may not be the case anymore. Here’s why.
Photo by Christina Estes – KJZZ
STEVE GOLDSTEIN: The 2017 Tax Cuts and Jobs Act that was approved by Congress and signed by President Trump included a provision on opportunity zones. That gave states the opportunity to nominate certain areas — presumably low-income sections — as those zones, where developers would have incentive to build based on capital gains related tax breaks.[ … ]
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made[ … ]
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may[ … ]