Ask JK
Need an important question answered?
Submit it and a J.K. Lasser Tax Expert may answer your question online.
Recently Answered Questions
The age of the vehicle does not determine whether you can claim the standard mileage rate. For 2018, you must be self-employed to claim deductions for business driving. And you must choose to use the ...
The Tax Cuts and Jobs Act ended the individual mandate starting in 2019. So for 2018, you’ll be penalized unless you have minimum essential health coverage or qualify for an exemption from coverage....
A government’s exercise of eminent domain is really a condemnation where private property is legally taken for public use. Gain (or loss) from the event is the difference between the award you recei...
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...
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...
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 ...
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...
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...
Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filin...
Legal fees paid in connection with certain whistleblower awards are deductible from gross income; no itemizing is required. One such deductible award is a “Section b” award (which is a mandatory a...
The age of the vehicle does not determine whether you can claim the standard mileage rate. For 2018, you must be self-employed to claim deductions for business driving. And you must choose to use the ...
The Tax Cuts and Jobs Act ended the individual mandate starting in 2019. So for 2018, you’ll be penalized unless you have minimum essential health coverage or qualify for an exemption from coverage....
A government’s exercise of eminent domain is really a condemnation where private property is legally taken for public use. Gain (or loss) from the event is the difference between the award you recei...
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...
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...
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 ...
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...
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...
Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filin...
Legal fees paid in connection with certain whistleblower awards are deductible from gross income; no itemizing is required. One such deductible award is a “Section b” award (which is a mandatory a...
