As time goes by, the depreciation deductions add up.
... Read This PostDefinition — Underestimating the estimate
Never underestimate the value of fun or tax payments. You'll pay the price in the long run.
... Read This PostDefinition — Laughter and other medical deductions
Laughter may be the best medicine, but it’s also one you can’t get a tax deduction for.
... Read This PostDefinition — Old or new?
The December 2017 federal income tax law changed certain business tax items beginning with 2018 filings. Do you know which of the following statements are from the new law?
... Read This PostDefinition — Safe harbors and taxes
Back in August, the IRS issued proposed regulations about the new limitation on federal income tax deductions for state and local income taxes.
... Read This PostDefinitions — More and less, yes or no
In general, you're required to file a federal income tax return when your gross income is equal to or exceeds the sum of your exemption plus standard deduction.
... Read This PostDefinition — Interesting changes
The home mortgage interest deduction was one of the itemized deductions changed by the December 2017 tax law that takes effect for 2018 federal income tax returns.
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Decisions — Taxpayers ask the questions
Need general information about tax law? When taxpayers write the IRS with general tax questions, the IRS National Office provides an information letter.
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