Teachers who are getting their classrooms ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. This deduction improved...

The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI...

For employers and their employees traveling for business this year, there are a number of considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply...

When teachers are setting up their classrooms for the new school year, it’s not uncommon for them to pay for a portion of their classroom supplies out-of-pocket. A special tax provision allows them to recoup some of the cost at tax time. In light...

Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. This article presents five key points about this powerful tax-saving tool....

Although the Tax Cuts and Jobs Act took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption, high-income earners (and even some middle-income earners) should still watch out for its bite. This article discusses the basic rules and the role of...

When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. The rules applying to NOLs have changed and changed again. This article reviews how they’ve been revised, including most recently under the CARES Act....

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers. When it is more, many refer to the resulting tax hike as “the marriage...

Taxpayers with large, outstanding tax bills need to watch out. The U.S. State Department could deny a passport application, or revoke or limit a current passport, if the IRS certifies that an individual has a seriously delinquent tax debt. This brief article provides more information....

The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. This brief article explains why it’s important for taxpayers to know their brackets....

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling...

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies...

It’s not uncommon for businesses to sometimes generate tax losses. But the tax law limits deductible losses in some situations, and the Tax Cuts and Jobs Act limits them even further for pass-through entities. This article explains how and why the rules have changed following...

The tax implications of earning money from an activity will vary depending on whether it is considered a hobby or business by the IRS. And the rules recently changed under the Tax Cuts and Jobs Act. This article reviews the hobby vs. business distinction and...

Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...

The Tax Cuts and Jobs Act made many changes to tax breaks for individuals. This article looks at some specific areas to review as one lays the groundwork for filing a 2018 tax return: personal exemptions, the standard deduction and the child credit....

Smart timing of deductible expenses can reduce tax liability, and poor timing can unnecessarily increase it. One deductible expense that taxpayers may be able to control is their property tax payments. This article examines the prospect of prepaying property taxes that relate to this year...

The TCJA didn’t eliminate the individual AMT. But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. This article explains why. A sidebar warns higher-income...

It’s not uncommon for parents, grandparents and others to make gifts to minors and college students. When considering this idea, taxpayers must beware of the kiddie tax. This tax trap could leave them liable for a substantial amount of tax dollars that they may never...

The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. This article provides some details that every family should know....

Changes lie ahead for two fundamental elements of individual tax planning: personal exemptions and the standard deduction. This brief article clarifies key amounts for both the 2017 tax year and for 2018 through 2025....

Business owners who go shopping for company assets this year should brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act passed late last year. This article explains how the rules differ under previous tax law and the...