This post was originally published on this site The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020 after increasing significantly in 2019, the IRS announced on Tuesday (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 […]

Legal and professional fees in divorce case not deductible as business expenses   James A. Beavers, CPA, CGMA, J.D., LL.M.   The Tax Court held in Lucas, T.C. Memo. 2018-80, that a taxpayer could not deduct legal and professional fees incurred during his divorce that were not related to his business or attributable to the production of […]

Jan. 11, 2019, at 3:49 p.m. By Susannah Snider, Senior Editor, Personal Finance  DETERMINING WHICH TAX bracket your income falls into is surprisingly complex. But performing this calculation can be instrumental in helping you find strategies to reduce your federal tax bill and double-check any calculations done by a tax-software program or tax preparer. Taxpayers in 2019 should know […]

Jan. 24, 2019, at 10:53 a.m. By Maryalene LaPonsie, Contributor  THIS TAX-FILING SEASON, taxpayers are poised to experience the impact of the Tax Cuts and Jobs Act of 2017, which eliminated beneficial deductions and credits. Touted as the largest tax overhaul in 30 years, the law could be a mixed bag for many households as it increases […]

Jan. 29, 2019, at 2:56 p.m. By Susannah Snider, Senior Editor, Personal Finance  What is an IRS audit? An IRS audit takes place when the Internal Revenue Service chooses to review a taxpayer’s accounts to verify that tax laws are being followed. Audits aren’t terribly common: Only 0.6 percent of individual returns were examined in the […]

Jan. 30, 2019, at 10:13 a.m. By Rachel Hartman, Contributor  AS YOU GET READY FOR taxes this spring, expect change. The Tax Cuts and Jobs Act, signed into law in 2017, brings adjustments for 2018 tax returns. Many of the law’s provisions will affect retirees, and potentially for the better in some cases. “The impact of the […]

Feb. 4, 2019, at 10:28 a.m. By Lisa Greene-Lewis, Contributor  IF YOU’RE ONE OF THE millions of Americans who has a day job but also invests some of your income, you qualify as a casual investor. And yes, your investments, like most aspects of your financial life, do have an impact on your taxes. Whether you’re new to […]

Feb. 5, 2019, at 10:42 a.m. By Susannah Snider, Senior Editor, Personal Finance  WHEN IT COMES TO filing your taxes, the last expense you may want to pay is a fee to file your return. The good news is this: Nearly anyone can file taxes for free if they’re willing to use certain products and systems. When […]

DATED FEB. 27, 2019 Individuals who need passports for imminent travel should contact IRS promptly to resolve tax debt 02 | 27 | 19 WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in […]

DATED FEB. 27, 2019 Guidance Related to the Foreign Tax Credit, Including Guidance Implementing Changes Made by the Tax Cuts and Jobs Act; Notice of Hearing 4830-01-p DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-105600-18] RIN 1545-BO62 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of public hearing on proposed rulemaking. […]