If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial [...]
It's true that owning a home instead of renting can result in extra deductions at tax time. The cost of ownership is reduced by any tax savings that you are [...]
One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems [...]
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent [...]
Perhaps you're considering selling off your C corporation's assets and liquidating the firm. Typically, such a transaction is accomplished in three stages: The corporation makes a direct sale of its [...]
Information from irs.gov Here’s what taxpayers should know about penalty relief Taxpayers who make an effort to comply with the law, but are unable to meet their tax obligations due [...]
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. [...]
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special [...]
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) [...]
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. [...]
Information from IRS.gov Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions [...]
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — [...]
Information from IRS.gov To help you avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information, know how the IRS [...]