Expenses & Deductions
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
Spousal support is not automatically deductible to the payer and taxable to the recipient unless it meets particular requirements.
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
A renowned scientist was not entitled to a bad debt deduction for advances he made to a health technology company because the advances were equity contributions rather than debt.
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
This article is a semiannual review of recent developments in the area of individual taxation.
Pregame meals provided to Boston Bruins players and personnel before away games qualify as a de minimis fringe benefit.
A recent Tax Court case provides a cautionary tale for taxpayers who rely on do-it-yourself tax preparation software.
Deductible HSA contributions can be used to offset all forms of income.
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
This column examines two U.S. Tax Court cases addressing profit motive.
A number of recent significant developments affect
taxation of individuals.
The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.
The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.
Many clients making modifications to make homes more accessible may qualify for valuable home improvement medical expense
deductions.
Mortgage interest limitation is meant to apply on a “per-taxpayer” basis, rather than on a “per-residence” basis.
When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.
The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.
This article discusses difficult tax problems faced by executive officers whose compensation is clawed back and the limited availability of relief under Sec. 1341.
