August 20, 2019 12:02 am

No. Depending on your income (including tax-exempt interest) and your filing status, as much as 85% of Social Security benefits may be includible in gross income. If your income is lower, you may only...

August 20, 2019 12:00 am

The deduction from gross income (no itemizing required) for tuition and fees expired at the end of 2017. However, there is still some hope that it may be extended retroactively for 2018. And there is ...

August 19, 2019 11:58 pm

Cash contributions made to charity in 2018 and beyond are deductible up to 60% of adjusted gross income. If you have a carryover of a cash contribution because of the application of the 50% limit that...

August 19, 2019 11:56 pm

Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...

August 2, 2019 3:30 am

Distributions from health savings accounts (HSAs) to pay qualified medical expenses are not taxable. These accounts must be combined with a high-deductible health plan (HDHP). The question has been: C...

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August 2, 2019 3:30 am

Distributions from health savings accounts (HSAs) to pay qualified medical expenses are not taxable. These accounts must be combined with a high-deductible health plan (HDHP). The question has been: C...

August 2, 2019 3:28 am

A married couple filed a joint return for one year that did not include the wife’s Social Security benefits. These benefits resulted from her being formally classified as disabled. In the following ...

August 2, 2019 3:26 am

Pursuant to the Bipartisan Budget Act in 2018, the IRS has created a new tax form for those age 65 and older at https://www.irs.gov/pub/irs-dft/f1040s--dft.pdf. The form, which can be used for the 201...

August 2, 2019 3:23 am

A taxpayer took a distribution from her IRA of $524,981.89 to pay for the purchase of a home while she waited for the sale of her former home to close. When it did, she overnighted a check to the fina...

August 2, 2019 3:20 am

On July 1, 2019, President Trump signed into law the Taxpayer First Act (P.L. 116-25), which is legislation focused on IRS practices and procedures. The IRS is supposed to enhance customer service to ...

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August 19, 2019 11:56 pm

Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...

July 22, 2019 3:18 am

Not every type of income you get is taxable on your Form 1040. The law allows you to receive various types of income without having to pay tax on them. For example, any type of income effectively beco...

July 22, 2019 3:06 am

We’ve all heard about the numerous tax changes created by enactment of the Tax Cuts and Jobs Act. Many are exciting and can help lower your tax bill. But that law did not make changes to many tried ...

June 16, 2019 9:28 pm

Americans are very charitable. A report last year said (https://givingusa.org/giving-usa-2018-americans-gave-410-02-billion-to-charity-in-2017-crossing-the-400-billion-mark-for-the-first-time/) they g...

May 6, 2019 9:44 pm

If you have filed your 2018 tax return, you can rest easy for a year. Or can you? Or should you? The period after filing your return is a great time to get a jump on your 2019 return and hopefully sim...

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August 20, 2019 12:02 am

No. Depending on your income (including tax-exempt interest) and your filing status, as much as 85% of Social Security benefits may be includible in gross income. If your income is lower, you may only...

August 20, 2019 12:00 am

The deduction from gross income (no itemizing required) for tuition and fees expired at the end of 2017. However, there is still some hope that it may be extended retroactively for 2018. And there is ...

August 19, 2019 11:58 pm

Cash contributions made to charity in 2018 and beyond are deductible up to 60% of adjusted gross income. If you have a carryover of a cash contribution because of the application of the 50% limit that...

July 22, 2019 3:26 am

Yes. If you have a health savings account (HSA), your contribution to a self-only plan is permissible up to set annual limits (in 2019 it’s $3,500, plus $1,000 if you’re age 55 or older by year en...

July 22, 2019 3:24 am

Fortunately, no. The amount of the benefits includible in gross income may be zero, somewhere between zero and 50%, or somewhere between 50% and 85%; 85% is the maximum taxable percentage. The exact a...

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May 22, 2012 1:24 pm
IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12
April 23, 2012 10:21 am
Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12
April 18, 2012 10:17 am
What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12
April 17, 2012 10:48 am
Celebrities are often in debt to the tax man, From USA Today, 4/17/12
April 11, 2012 11:03 am
Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12
More Stories
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“I trust that the Congress will give its immediate consideration to the problem of future taxation. Simplification of the income and profits taxes has become an immediate necessity.”— President Woodrow Wilson said this nearly 100 years ago