A couple got divorced in Nevada in 2011. Their agreement provided for tax-free transfers of property as well as spousal support. One spouse made payments on the other’s Sallie Mae student loans and ...

The IRS may adjust interest rates for various purposes at various times. For example, the rates for overpayments and underpayments of income tax are adjusted quarterly.Interest rates for Q4 in 201...

Anyone who’s dealt with the IRS knows it can be a hassle. For some, however, it can be downright problematic. One couple claimed that the IRS’s continued collection activities following their fili...

After the Tax Cuts and Jobs Act of 2017 put a $10,000 cap on the itemized deduction (starting in 2018) for state and local taxes ($5,000 for married persons filing separately), some states created or ...

The IRS announced that it was using a new format for tax return transcripts to better protect taxpayer’s personal information (IR-2018-171, 8/22/18). Starting September 23, 2018, Get Transcript Onli...

Following the Tax Cuts and Jobs Act, there’ve been some changes in the taxation of certain fringe benefits. While most benefits that have been tax free continue as such, you may find some difference...

Volcanic eruptions in Hawaii, tornados in North Carolina and Alabama, severe flooding in Indiana, and Winter Storms Quinn and Skylar in the Northeast and Mid-Atlantic have disrupted the lives of milli...

According to the U.S. Census Bureau, the number of years spent in retirement is about 18, which assumes retirement at age 63 and a life expectancy from then to age 81. Will you have the money on hand ...

The temperature is up and many people take vacations during the summer. Taxes may be the last thing on your mind. Nonetheless, here are 5 tax breaks you may want to consider this summer.1.    ...

A study in 2017 (https://www.upwork.com/press/2017/10/17/freelancing-in-america-2017/) found that an estimated 57.3 million Americans now work in the gig economy, driving for Uber or Lyft, performing ...

The age of the vehicle does not determine whether you can claim the standard mileage rate. For 2018, you must be self-employed to claim deductions for business driving. And you must choose to use the ...

The Tax Cuts and Jobs Act ended the individual mandate starting in 2019. So for 2018, you’ll be penalized unless you have minimum essential health coverage or qualify for an exemption from coverage....

A government’s exercise of eminent domain is really a condemnation where private property is legally taken for public use. Gain (or loss) from the event is the difference between the award you recei...

Instead of depreciating certain expenditures, you may be able to use an IRS-created de minimis safe harbor to deduct these costs (up to $2,500 per item or invoice). You can find more about the safe ha...

Even though you are under age 59½, you won’t be penalized for an IRA distribution used to pay medical expenses in excess of 7.5% of adjusted gross income in 2017 or 2018. The AGI threshold is set t...