Can you deduct home office expenses?
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers [...]
Tax Reform 2018
The new tax reform law— commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) —is the most significant tax legislation in decades. Now businesses and individuals are trying [...]
Personal Exemptions and Standard Deductions and Tax Credits, oh my!
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will [...]
Marital Status and Your Tax Return
When a couple gets married or gets divorced, taxes are probably not the first thing on their minds. But many decisions that couples make do affect their tax returns — [...]
The TCJA temporarily expands bonus depreciation
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most [...]
When Can You Deduct Theft Losses?
The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a "theft" for tax purposes isn't strictly limited to house burglaries [...]
Tax Consequences of Borrowing From a Retirement Plan
If you participate in a qualified retirement plan through your job or self employment — such as a 401(k), profit-sharing, or Keogh plan — you might be allowed to borrow [...]