If you receive a letter in the mail from the IRS that’s marked “CP 2000,” it isn’t an audit notice. The IRS sends it because the Service has identified that the information on your return does...

A mother ran a consulting business that provided services to various federal agencies through contract labor. She had two children in college, and she paid for their tuition and related education cost...

Recently, the IRS confirmed that the contribution limits for 2018, which were announced in 2017, are unchanged for the year, despite the requirement in the Tax Cuts and Jobs Act that the IRS refigure ...

If you buy or lease a car, light truck, or van for your business, special tax rules may limit what you can write off. If you buy the vehicle, dollar limits cap depreciation write-offs. If you lease th...

A taxpayer who fails to carry minimum essential health coverage through 2018 and is not exempt from this requirement owes a shared responsibility payment. It is treated as a tax owed on the person’s...

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 importance of an education is no secret. Statistically, lifetime earnings increase with the level of education. And with today’s changing technology the need for continued learning is high. From...

According to Morningstar (http://news.morningstar.com/articlenet/article.aspx?id=823957), 52.3% of those turning 65 will have a long-term care need during their lifetimes. The cost of this type of car...

You may be entitled to claim various deductions and credits, but unless you follow the rules you’ll lose out. Here are a number of recent cases that highlight what you should or shouldn’t do if yo...

The Tax Cuts and Jobs Act of 2017 made a number of significant changes to various write-offs that can be claimed without itemizing. Most of the changes in deductions from gross income affect 2018 retu...

The commission paid to the gallery is a selling expense that reduces the sales proceeds reported for the transaction. Thus, the commission effectively reduces the amount of gain (or increases the amou...

Not for self-employed individuals. For example, an independent contractor filing Schedule C can claim a home office deduction in 2018. However, employees who work from home cannot claim a home office ...

Medicare beneficiaries with modified adjusted gross income (MAGI) over a set amount ($85,000 for single individuals and $170,000 for married persons filing jointly) pay an additional Part B and Part D...

No. Deductions usually must be claimed for the year in which they were paid. There’s no provision in the tax law allowing a person to “save” deductions and use them in a subsequent year....

Because you acquired the home by a gift, your basis usually is the basis that your parents had in the home (what they paid for it, plus capital improvements they made over the years). It may be diffic...