Nina Olson, the National Taxpayer Advocate, has released her final report (she’s retiring after serving for 18 years) (IR-2019-119, 6/20/19). The report reviews the 2019 tax filing season and lists ...

Prior to 2018, homeowners could exclude from gross income the cancellation of a mortgage on their principal residence up to $2 million. This exclusion was limited to a loan to buy, build, or substanti...

When you own an IRA, you can designate who you want to inherit it. This can be a spouse, a child, a trust, or your estate. There are different tax consequences for each type of designation you select....

If you report income on your return that doesn’t match what’s been reported by banks, brokerage firms, and other third parties, to the IRS, you may receive IRS Notice CP2000 (FS-2019-10). This not...

The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes is lower in the third quarter of 2019 compared with the rates in the second quarter of the y...

Americans are very charitable. A report last year said (https://givingusa.org/giving-usa-2018-americans-gave-410-02-billion-to-charity-in-2017-crossing-the-400-billion-mark-for-the-first-time/) they g...

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...

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...

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...

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...

If, for example, you are a self-employed long-haul trucker, then you can deduct 80% of your meal costs while away from your tax home and subject to the Department of Transportation’s hours of servic...

For 2018 through 2025, you cannot deduct investment fees. These fees are treated as miscellaneous itemized deductions subject to a 2% of adjusted gross income floor; these deductions have been suspend...

The exclusion of up to $5,000 for death benefits no longer applies. It had applied only for employees who died before August 21, 1996. Only a death gratuity paid to a survivor of a member of the Armed...

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...

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