Following the widespread losses of investments with Bernard Madoff, the IRS issued a safe harbor (Rev. Proc. 2009-20) to enable investors to take losses even though some recovery was possible. One cou...

If you use your vehicle for business driving, you have a choice in how to handle your expenses. You can deduct your actual costs, including an allowance for depreciation (up to certain dollar limits) ...

If you conduct an activity without a profit motive you can prove, then the hobby loss rule applies. Under the Tax Cuts and Jobs Act, you have to report all of your income (nothing has been changed her...

More than 62 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 2.8% starting with the December 2018 benefits, which are payable in January 2019. This COLA adjust...

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 ...

As 2018 draws to a close, consider taking certain actions to favorably impact your tax bill for the year. Here are 10 things you can still do:1.    Review withholding and estimated taxesIf ...

The Tax Cuts and Jobs Act (TCJA) made numerous changes in tax law. Many of the changes will show up on your 2018 return, which won’t be filed until 2019. But don’t wait to take action now that can...

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 ...

A qualified charitable distribution (QCD) can only be taken from a traditional or Roth IRA. It cannot be taken from a SEP or SIMPLE-IRA. However, SEPs and SIMPLE-IRAs can be rolled over to an IRA and ...

The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is s...

No. Income averaging is limited to certain lump-sum distributions from qualified retirement plans. There is no income averaging for IRA distributions or income resulting from a Roth IRA conversion....

While casualty losses to personal use property in 2018 are not deductible unless the property is located in a federally-declared disaster area, this rule does not apply to investment property. If you ...

While annual contributions to Roth IRAs can be made up to the due date of the return (e.g., April 15, 2019, for 2018 contributions), a Roth IRA conversion is taxable in the year it is made. So if you ...