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Because you repaid an amount you thought you had an unrestricted right to and which may have been included in income (up to 85%) in an earlier year, special rules apply. The repayment will be netted a...
Severance pay is taxable in the year in which it is received. If it’s received in a lump sum, then it’s taxable in one year. If it’s spread over two or more years, then the portion received in e...
Unreimbursed employee business expenses used to be a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor. However, this deduction has been suspended for 2018 through 2025...
The basis for depreciation is the lower of the adjusted basis of the property (usually cost) or its fair market value on the date it starts to be used for business. For equipment (e.g., a computer, fu...
The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met: (1) Payments are made pursuant to a foster care prog...
It depends. Legal fees related to a recovery for unlawful discrimination under various federal laws such as the Family and Medical Leave Act are deductible as adjustments to gross income (i.e., they a...
For 2018 through 2025, there is no phase-out of itemized deductions for high-income taxpayers....
Yes. Executor’s fees are taxable income. But if a taxpayer is not a professional executor, the fees are reported as miscellaneous income (not business income) and are not subject to self-employment ...
A qualified charitable distribution (QCD) can only be taken from a traditional or Roth IRA. It cannot be taken from a SEP or SIMPLE-IRA. However, SEPs and SIMPLE-IRAs can be rolled over to an IRA and ...
The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is s...
Because you repaid an amount you thought you had an unrestricted right to and which may have been included in income (up to 85%) in an earlier year, special rules apply. The repayment will be netted a...
Severance pay is taxable in the year in which it is received. If it’s received in a lump sum, then it’s taxable in one year. If it’s spread over two or more years, then the portion received in e...
Unreimbursed employee business expenses used to be a miscellaneous itemized deduction subject to the 2% of adjusted gross income floor. However, this deduction has been suspended for 2018 through 2025...
The basis for depreciation is the lower of the adjusted basis of the property (usually cost) or its fair market value on the date it starts to be used for business. For equipment (e.g., a computer, fu...
The tax law allows individuals who receive foster care payments to exclude them from gross income if all three of the following conditions are met: (1) Payments are made pursuant to a foster care prog...
It depends. Legal fees related to a recovery for unlawful discrimination under various federal laws such as the Family and Medical Leave Act are deductible as adjustments to gross income (i.e., they a...
For 2018 through 2025, there is no phase-out of itemized deductions for high-income taxpayers....
Yes. Executor’s fees are taxable income. But if a taxpayer is not a professional executor, the fees are reported as miscellaneous income (not business income) and are not subject to self-employment ...
A qualified charitable distribution (QCD) can only be taken from a traditional or Roth IRA. It cannot be taken from a SEP or SIMPLE-IRA. However, SEPs and SIMPLE-IRAs can be rolled over to an IRA and ...
The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is s...
