May 6, 2019 9:51 pm

The deduction from gross income for tuition and fees expired at the end of 2017. As of the end of April 2019, it had not yet been extended for 2018 (or to 2019). Congress has indicated that it may sti...

May 6, 2019 9:49 pm

Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage....

May 6, 2019 9:46 pm

For depreciation purposes, the basis is the lower of your actual basis (generally cost, plus capital improvements), or the property’s fair market value on the date of its conversion to rental proper...

May 6, 2019 9:44 pm

If you have filed your 2018 tax return, you can rest easy for a year. Or can you? Or should you? The period after filing your return is a great time to get a jump on your 2019 return and hopefully sim...

May 5, 2019 11:14 pm

One taxpayer who faced a mountain of debts, including more than $9,000 to the IRS and his state’s revenue department, had a plan. He’d withdraw funds from his IRA, place them in his personal back ...

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May 5, 2019 11:14 pm

One taxpayer who faced a mountain of debts, including more than $9,000 to the IRS and his state’s revenue department, had a plan. He’d withdraw funds from his IRA, place them in his personal back ...

May 5, 2019 11:13 pm

If you itemize deductions that include state and local taxes and then receive a refund related to those taxes in the next year, how much if any of the refund must be included in gross income? The tax ...

March 31, 2019 9:11 pm

The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2019-49). They are essential the same as last year, although some scams are featured more prominently than ...

March 31, 2019 9:09 pm

For nearly 70 years, clergy receiving housing (an in-kind benefit) or a housing allowance (a cash benefit) were able to exclude the full amount from gross income. However, the Freedom From Religion Fo...

March 31, 2019 9:07 pm

If you receive a lump-sum payment of Social Security benefits reflecting amounts attributable to prior years, you can elect to use income from the prior years to figure the taxable portion of benefits...

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May 6, 2019 9:44 pm

If you have filed your 2018 tax return, you can rest easy for a year. Or can you? Or should you? The period after filing your return is a great time to get a jump on your 2019 return and hopefully sim...

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...

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May 6, 2019 9:51 pm

The deduction from gross income for tuition and fees expired at the end of 2017. As of the end of April 2019, it had not yet been extended for 2018 (or to 2019). Congress has indicated that it may sti...

May 6, 2019 9:49 pm

Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage....

May 6, 2019 9:46 pm

For depreciation purposes, the basis is the lower of your actual basis (generally cost, plus capital improvements), or the property’s fair market value on the date of its conversion to rental proper...

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...

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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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  • Small Business Taxes 2019

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“We must care for each other more, and tax each other less.”— William Archer, former chairman of the House Ways and Means Committee and architect of the Archer Medical Savings Account