March 14, 2019 10:29 pm

Gifts are not deductible for income tax purposes, but may be exempt from gift taxes. For 2019 you can give up to $15,000 per recipient (same as for 2018) without being subject to gift tax. There is no...

March 14, 2019 10:27 pm

If you itemize deductions (instead of claiming the standard deduction) and opt to deduct state and local sales taxes instead of state and local income taxes, you can treat taxes paid on a big ticket i...

March 14, 2019 10:27 pm

The IRS treats bitcoin and other cryptocurrency transactions as property and not as currency. As such, you must figure gain on the transaction in the same way as with any other type of property. The I...

March 14, 2019 10:25 pm

For many people, their home is their biggest asset. Now that the real estate market has recovered in most locations from its lows during the recession a decade ago, a proftable home sale may represent...

March 3, 2019 9:45 pm

The Tax Cuts and Jobs Act set bonus depreciation for passenger automobiles at 100% (previously it was 50%), which translates into an additional $8,000 write-off for the year they are purchased and pla...

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March 3, 2019 9:45 pm

The Tax Cuts and Jobs Act set bonus depreciation for passenger automobiles at 100% (previously it was 50%), which translates into an additional $8,000 write-off for the year they are purchased and pla...

March 3, 2019 9:42 pm

Identity theft of an individual’s personal information can enable a thief to erroneously obtain a taxpayer’s refund and cause delays in the processing of a legitimate tax return. Several years ago...

March 3, 2019 9:39 pm

In her 2018 annual report to Congress, National Taxpayer Advocate Nina E. Olson described the challenges to the IRS resulting from the 35-day government shutdown and recommended additional multi-year ...

March 3, 2019 9:35 pm

When the IRS executed a search warrant at the home of “plaintiffs,” agents seized 364 boxes of rolled $1 presidential coins, each containing 1,000 coins. The armored truck company that transported...

March 3, 2019 9:32 pm

Transfers from one spouse to another related pursuant to a divorce or separation agreement are tax-free transfers. The transferring spouse does not pay tax on any gain; the transferee-spouse takes ove...

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March 14, 2019 10:25 pm

For many people, their home is their biggest asset. Now that the real estate market has recovered in most locations from its lows during the recession a decade ago, a proftable home sale may represent...

February 20, 2019 9:23 pm

The qualified business income (QBI) deduction allows a subtraction from your taxable income up to 20% of what amounts to your business profits (there are some modifications to this) if you are an owne...

January 16, 2019 8:50 pm

The Tax Season—the time in which to file your 2018 income tax return or ask for a filing extension and settle up on any taxes due—is underway. Some things are new this year, while others matters h...

January 4, 2019 12:48 am

You may be thinking of buying or leasing a new vehicle for 2019. Or you may drive your new or existing car or truck for business or other purposes. Here are 5 things to know about the tax rules that a...

November 19, 2018 10:12 pm

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 ...

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March 14, 2019 10:29 pm

Gifts are not deductible for income tax purposes, but may be exempt from gift taxes. For 2019 you can give up to $15,000 per recipient (same as for 2018) without being subject to gift tax. There is no...

March 14, 2019 10:27 pm

If you itemize deductions (instead of claiming the standard deduction) and opt to deduct state and local sales taxes instead of state and local income taxes, you can treat taxes paid on a big ticket i...

March 14, 2019 10:27 pm

The IRS treats bitcoin and other cryptocurrency transactions as property and not as currency. As such, you must figure gain on the transaction in the same way as with any other type of property. The I...

February 20, 2019 9:37 pm

Retired public safety officers can elect to exclude from gross income up to $3,000 of distributions from qualified retirement plans that are used for qualified insurance premiums (this is NOT a tax cr...

February 20, 2019 9:28 pm

For 2018 through 2025, the miscellaneous itemized deduction for investment-related costs is not deductible. Before 2018, these amounts were subject to the 2%-of-adjusted-gross-income floor. After 2026...

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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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The 2019 e-supplements for these titles are now available!
  • Your Income Tax 2019
  • 1001 Deductions and Tax Breaks 2019
  • Small Business Taxes 2019

Click here to download your FREE supplements.

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“Did you ever notice that when you put the words ‘The’ and ‘IRS’ together, it spells ‘THEIRS’?”— Author Unknown