deduction

volunteer tax break

Volunteering for Charity: Do You Get a Tax Break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to…

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construction meal and entertainment expenses

Deductibility of Meals and Entertainment Expenses After Tax Reform

The Tax Cuts and Jobs Act (TCJA) made significant changes to the deductibility of meal and entertainment expenses. Unfortunately, there’s still a great deal of confusion about which deductions have…

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business meal expenses

When Can You Deduct Business Meals?

The Tax Cuts and Jobs Act (TCJA) eliminated most tax deductions for business-related entertainment, beginning in 2018. It also created confusion over the continued deductibility of business meals. Late last…

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couple reviewing unexpected tax liability

If You Have an Unexpected Tax Bill, a Payment Plan May Be Your Best Option

Although recent changes in the tax law brought some new deductions and reductions in the highest marginal tax brackets, the loss or limitation of many deductions and changes in the…

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transportation benefits

IRS Offers Nonprofits New Transportation Benefits Guidance

The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on…

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Medicare

Seniors: Medicare Premiums Could Lower Your Tax Bill

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can…

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interest expense

Matters of Interest: When Are Interest Payments Deductible?

The Tax Cuts and Jobs Act (TCJA) has made a significant impact — both directly and indirectly — on the deductibility of interest expense. Here’s a quick review of where…

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vehicle-related expenses

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared…

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tax deductions

Some of Your Deductions May be Smaller (or Nonexistent) When You File Your 2018 Tax Return

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to…

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vacation home tax planning

Relax, But Don’t Forget About Taxes: Owning a Vacation Home Requires Tax Planning

A vacation home can be many things to different people. For example, it can be a relaxing refuge for friends and family, or the property can serve as an income-producing…

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