Individual Income Tax Deductions

TOPICS / INDIVIDUALS

May 1, 2018

Casualty losses and expenditures under Sec. 162 or 165

Two Code provisions, Sec. 162 and Sec. 165, offer a potential deduction for a taxpayer who has property that has been damaged by a casualty.

April 19, 2018

Bunching charitable donations after the new tax law

A potential side effect of fewer taxpayers itemizing their deductions is that these taxpayers may choose to reduce or eliminate charitable contributions.

April 1, 2018

Current U.S. tax incentives for higher education expenses

This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.

March 15, 2018

The Sec. 199A qualified business income deduction and fiscal years

Taxpayers who receive income from fiscal-year passthrough entities need guidance on when to claim the new Sec. 199A deduction for qualified business income.

March 1, 2018

Individual taxation: Report of recent developments

This article is a semiannual review of developments
in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.

February 1, 2018

English law applies in dispute over lump-sum alimony payment

The Tax Court found that in determining the deductibility of a lump-sum alimony payment, the laws of England applied where a taxpayer had married in New York but divorced in England.

January 1, 2018

Individual entitled to bad debt deduction for loss on loans to business

Tax Court held that an individual was entitled to a bad debt deduction for loans he made to a business that subsequently went bankrupt.

December 20, 2017

What the tax reform bill means for individuals

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

December 14, 2017

IRS issues 2018 standard mileage rates

The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

December 14, 2017

A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!

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.

December 1, 2017

Adventures in alimony: No guaranteed tax deductions

Spousal support is not automatically deductible to the payer and taxable to the recipient unless it meets particular requirements.

December 1, 2017

Special per-diem rates for business travel are issued

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.

November 3, 2017

What the House tax bill holds for individuals

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.

November 1, 2017

Cash advances fail to meet bona fide debt criteria

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.

September 26, 2017