August 1, 2018 11:03 pm

If you buy an electric drive car, you may qualify for a tax credit of up to $7,500. However, the credit is reduced once the manufacturer has sold more than 200,000 cars in the U.S. Tesla reported that...

August 1, 2018 11:02 pm

To claim a home office deduction, space must be used regularly and exclusively for business. There are two exceptions to exclusive use: day care businesses and storage of inventory or product samples ...

August 1, 2018 11:00 pm

If a taxpayer files a fraudulent tax return, both civil and criminal penalties can result. The civil penalty is 75% of the underpayment attributable to the fraud (Code Sec. 6663). But if a fraud resul...

August 1, 2018 10:57 pm

If you have a plan loan outstanding and take a distribution that’s partially used to pay off the loan, are you taxed on the gross amount or the net amount (gross amount minus loan repayment)? That w...

August 1, 2018 10:50 pm

National Taxpayer Advocate Nina Olson’s mid-year report lays out the issues that she plans to address during the fiscal year ending September 30, 2019 (https://taxpayeradvocate.irs.gov/reports/fy-20...

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August 1, 2018 11:03 pm

If you buy an electric drive car, you may qualify for a tax credit of up to $7,500. However, the credit is reduced once the manufacturer has sold more than 200,000 cars in the U.S. Tesla reported that...

August 1, 2018 11:02 pm

To claim a home office deduction, space must be used regularly and exclusively for business. There are two exceptions to exclusive use: day care businesses and storage of inventory or product samples ...

August 1, 2018 11:00 pm

If a taxpayer files a fraudulent tax return, both civil and criminal penalties can result. The civil penalty is 75% of the underpayment attributable to the fraud (Code Sec. 6663). But if a fraud resul...

August 1, 2018 10:57 pm

If you have a plan loan outstanding and take a distribution that’s partially used to pay off the loan, are you taxed on the gross amount or the net amount (gross amount minus loan repayment)? That w...

August 1, 2018 10:50 pm

National Taxpayer Advocate Nina Olson’s mid-year report lays out the issues that she plans to address during the fiscal year ending September 30, 2019 (https://taxpayeradvocate.irs.gov/reports/fy-20...

More Stories
July 22, 2018 10:52 pm

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...

July 22, 2018 10:37 pm

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 ...

June 18, 2018 10:46 pm

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.    ...

May 30, 2018 11:35 pm

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 ...

May 21, 2018 11:00 pm

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...

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July 22, 2018 10:59 pm

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...

July 22, 2018 10:57 pm

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...

July 22, 2018 10:55 pm

You have three years from the due date of the tax return to file for a refund. So you must file a 2015 return no later than April 15, 2019, to claim the refund. You can find prior year tax forms from ...

July 22, 2018 10:46 pm

To catch up on missed depreciation, you must make a change in accounting method. However, this is an automatic change; you don’t need IRS approval but do have to follow procedures. Details on how to...

July 22, 2018 10:43 pm

State estimated taxes are deducted as itemized deductions for the year in which they are paid. For example, 2017 state estimated income taxes paid on April 18, 2017, June 15, 2017, and September 15, 2...

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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
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2018 Tax Supplements

The 2018 e-supplements for these titles are now available!

  • Your Income Tax 2018
  • 1001 Deductions and Tax Breaks 2018
  • Small Business Taxes 2018

Click here to download your FREE supplements.

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“The United States has a system of taxation by confession.”— Hugo Black, Associate Justice of the U.S. Supreme Court