When you give, you get. That's true in the case of tax deductions for charitable contributions too, as long as you have records.
... Read This PostCategory: Taxing Definitions
Definition — Losing the deduction
One casualty of the December 2017 federal tax law was the personal casualty and theft loss deduction.
... Read This PostDefinition — Stirring up the salt
Are you watching your sodium levels by limiting your salt intake? The IRS says the time has come to limit the SALT on your tax return too.
... Read This PostDefinitions — Proposing a deduction
In the language of math, 199 is an odious number. In the language of tax, 199 is an internal revenue code section.
... Read This PostDefinitions — Based on debt
In the world of karma, no debt goes unpaid. In the world of tax law, the question is whether the debt is bona fide.
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Definition — Puzzling out the basis
Love is the basis for everything except S corporation stock. For that, income, losses, deductions, and credits are what count.
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Definition — Identifying the employer
What's your number? If you're required to file certain business tax returns, the answer is an employer identification number, or EIN.
... Read This PostDefinition — Penalizing the preparer
According to the Return Preparer Office of the IRS, as of March 1, 2018, 728,049 individuals had current preparer tax identification numbers.
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