IRS Approved Family Loan
Today's relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here's a rundown of what the law covers and why [...]
Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and more savings in the future
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep [...]
Tax deduction for moving costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, [...]
Families with College Students May Save Tax on Their 2017 Returns With One of These Breaks
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. [...]
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that [...]
2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]
Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even [...]
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 [...]
IRS Controversy
The IRS has been under fire recently after it was found to target conservative-leaning organizations that applied for tax-exempt status. The scandal has taken many twists and turns and involves [...]