For 2019, your medical expenses are only deductible as an itemized deduction to the extent they exceed 10 percent of your adjusted gross income. Depending
If you sold your principal residence during the year and acquired a new principal residence, the deduction for any interest on your acquisition indebtedness (i.e.,
When the TCJA eliminated the miscellaneous itemized expense deduction, it eliminated the ability of employees to deduct home office expenses. However, taxpayers with their own
As a result of the increase in the standard deduction, some taxpayers are no longer getting a benefit from itemizing their deductions, such as charitable
By investing in a qualified retirement plan you’ll not only receive a current tax deduction, thereby reducing current year income tax, but you can sock
Generally, the two biggest deductions that can reduce a client’s taxable income are the Code Sec. 179 expense deduction and the 100 percent bonus depreciation
In an audit involving a business, the IRS is quick to focus on vehicle expense deductions and whether such deductions are adequately substantiated. Thus, practitioners
The Tax Courts have found that a 401(k) distribution used for a first-time home purchase was subject to a 10% additional tax because the exception
There are various methods on how to calculate taxable income for businesses. The two most common methods are called cash basis and accrual basis. The
