Individual Income Tax Deductions

TOPICS / INDIVIDUALS

January 31, 2026

Prop. regs. issued on new qualified tips deduction

The proposed regulations clarify points including the interaction of qualifying occupations for which tips are customarily received with ineligible specified service trades or businesses.

January 23, 2026

IRS releases FAQs on qualified overtime pay deduction under H.R. 1

An IRS fact sheet explains when overtime compensation qualifies for the H.R. 1 deduction and how Fair Labor Standards Act rules apply, including for federal employees.

December 31, 2025

Only deductible W-2 wages used in determining Sec. 199A deduction

Only deductible W-2 wages are included in calculating a taxpayer’s Sec. 199A qualified business income deduction.

November 30, 2025

IRS approves medical deduction for IVF, denies it for surrogacy

A recent IRS ruling clarifies a key distinction of expenses for in vitro fertilization.

November 30, 2025

Tax-advantaged ABLE accounts for disabled individuals

The accounts help persons with disabilities pay for qualified disability expenses.

October 9, 2025

Annual inflation adjustments announced for tax year 2026

The IRS published annual inflation adjustments for more than 60 tax provisions for tax year 2026, in addition to changes to the standard deduction for tax year 2025.

September 19, 2025

Details on IRS prop. regs. on tip income deduction

The proposed regulations define “qualified tips” for purposes of the deduction and contain details on allowable forms of payment.

June 30, 2025

Microcaptive insurance arrangements subject to new rules

To protect against certain risks, businesses can create “captive” insurance companies. The final regulations designate certain microcaptive arrangements as reportable listed transactions or transactions of interest.

February 28, 2025

Taxpayer denied theft loss deduction for investment loss

The Tax Court focused on the taxpayer’s role as president and managing director of the company in which he invested, along with his failure to prove a theft occurred.

December 1, 2024

Burden of proof: The shoebox method and 9-martini lunch

When taxpayers claim deductions for business expenses, they must meet their burden of proof with proper recordkeeping.

December 1, 2024

Dealing with sales between related persons

Losses may be disallowed for sales or exchanges between related parties.

December 1, 2024

Planning opportunities: Sec. 179 expensing vs. bonus depreciation

As bonus depreciation phases out, practitioners need to consider Sec. 179 expensing to maximize deductions on fixed-asset purchases.

October 22, 2024

Annual inflation adjustments announced for tax year 2025

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

August 1, 2024

Sec. 163(j) planning considerations

Businesses can explore several options to mitigate the interest deduction limitation under the Tax Cuts and Jobs Act.

December 14, 2023

Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

November 9, 2023

IRS announces annual inflation adjustments for tax year 2024

The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

November 1, 2023

Substantiation of business expenses: A review of the basics

A recent Tax Court case highlights the fact that taxpayers bear the burden of substantiating not only the amount of the deduction but also that the purpose underlying the deduction is ordinary and necessary to operating their trade or business.

October 1, 2023

Tax Court rejects bad debt deductions

The Tax Court’s opinion in Allen emphasizes the parties’ conduct with respect to payments and contractual rights, along with a realistic view of the repayment expectations.

September 25, 2023

Special per diem rate for business travel rises

Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.