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No. Depending on your income (including tax-exempt interest) and your filing status, as much as 85% of Social Security benefits may be includible in gross income. If your income is lower, you may only...
The deduction from gross income (no itemizing required) for tuition and fees expired at the end of 2017. However, there is still some hope that it may be extended retroactively for 2018. And there is ...
Cash contributions made to charity in 2018 and beyond are deductible up to 60% of adjusted gross income. If you have a carryover of a cash contribution because of the application of the 50% limit that...
Yes. If you have a health savings account (HSA), your contribution to a self-only plan is permissible up to set annual limits (in 2019 it’s $3,500, plus $1,000 if you’re age 55 or older by year en...
Fortunately, no. The amount of the benefits includible in gross income may be zero, somewhere between zero and 50%, or somewhere between 50% and 85%; 85% is the maximum taxable percentage. The exact a...
Gifts you make to people are not tax deductible. However, it’s good to know that the recipient of a gift is not subject to income tax on it, regardless of the size of the gift. If the gift is more t...
Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage. This is so even though you would not have been taxed on the health ...
The M&IE is broken down to breakfast, lunch, and dinner, plus incidental costs. The IRS hasn’t said whether you can use the M&IE rates for some meals and actual costs for others on the same ...
Alert the IRS, credit reporting bureaus, and other agencies that you have been a victim of identity theft. Determine whether this is a theft loss. Determine whether you can recover the funds. Unfortun...
If, for example, you are a self-employed long-haul trucker, then you can deduct 80% of your meal costs while away from your tax home and subject to the Department of Transportation’s hours of servic...
No. Depending on your income (including tax-exempt interest) and your filing status, as much as 85% of Social Security benefits may be includible in gross income. If your income is lower, you may only...
The deduction from gross income (no itemizing required) for tuition and fees expired at the end of 2017. However, there is still some hope that it may be extended retroactively for 2018. And there is ...
Cash contributions made to charity in 2018 and beyond are deductible up to 60% of adjusted gross income. If you have a carryover of a cash contribution because of the application of the 50% limit that...
Yes. If you have a health savings account (HSA), your contribution to a self-only plan is permissible up to set annual limits (in 2019 it’s $3,500, plus $1,000 if you’re age 55 or older by year en...
Fortunately, no. The amount of the benefits includible in gross income may be zero, somewhere between zero and 50%, or somewhere between 50% and 85%; 85% is the maximum taxable percentage. The exact a...
Gifts you make to people are not tax deductible. However, it’s good to know that the recipient of a gift is not subject to income tax on it, regardless of the size of the gift. If the gift is more t...
Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage. This is so even though you would not have been taxed on the health ...
The M&IE is broken down to breakfast, lunch, and dinner, plus incidental costs. The IRS hasn’t said whether you can use the M&IE rates for some meals and actual costs for others on the same ...
Alert the IRS, credit reporting bureaus, and other agencies that you have been a victim of identity theft. Determine whether this is a theft loss. Determine whether you can recover the funds. Unfortun...
If, for example, you are a self-employed long-haul trucker, then you can deduct 80% of your meal costs while away from your tax home and subject to the Department of Transportation’s hours of servic...
