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.
Tag: TCJA
Photo by Christina Estes – KJZZ
How Old Town Scottsdale Got Low-Income Opportunity Zone Status
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.[ … ]
The “kiddie tax” hurts families more than ever
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[ … ]
It’s a good time to buy business equipment and other depreciable property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the[ … ]
Volunteering for charity: Do you get a tax break?
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[ … ]
Vehicle-expense deduction ins and outs for individual tax payers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through[ … ]
