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To catch up on missed depreciation, you must make a change in accounting method. However, this is an automatic change; you don’t need IRS approval but do have to follow procedures. Details on how to...
State estimated taxes are deducted as itemized deductions for the year in which they are paid. For example, 2017 state estimated income taxes paid on April 18, 2017, June 15, 2017, and September 15, 2...
Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filin...
Legal fees paid in connection with certain whistleblower awards are deductible from gross income; no itemizing is required. One such deductible award is a “Section b” award (which is a mandatory a...
Federal income taxes withheld from a retirement plan distribution, which are listed in box 4 of Form 1099-R, are claimed as a credit on your return against the taxes you owe; they’re reported as tax...
The Tax Cuts and Jobs Act ended the penalty for not having minimum essential health coverage starting in 2019 (not for 2018). However, an individual without coverage in 2018 may be able to escape the ...
The commission paid to the gallery is a selling expense that reduces the sales proceeds reported for the transaction. Thus, the commission effectively reduces the amount of gain (or increases the amou...
Not for self-employed individuals. For example, an independent contractor filing Schedule C can claim a home office deduction in 2018. However, employees who work from home cannot claim a home office ...
Medicare beneficiaries with modified adjusted gross income (MAGI) over a set amount ($85,000 for single individuals and $170,000 for married persons filing jointly) pay an additional Part B and Part D...
No. Deductions usually must be claimed for the year in which they were paid. There’s no provision in the tax law allowing a person to “save” deductions and use them in a subsequent year....
To catch up on missed depreciation, you must make a change in accounting method. However, this is an automatic change; you don’t need IRS approval but do have to follow procedures. Details on how to...
State estimated taxes are deducted as itemized deductions for the year in which they are paid. For example, 2017 state estimated income taxes paid on April 18, 2017, June 15, 2017, and September 15, 2...
Employee contributions to 401(k) plans are done on an annual basis. There is no period after the end of the year to complete contributions. So unlike IRA contributions that can be made up to the filin...
Legal fees paid in connection with certain whistleblower awards are deductible from gross income; no itemizing is required. One such deductible award is a “Section b” award (which is a mandatory a...
Federal income taxes withheld from a retirement plan distribution, which are listed in box 4 of Form 1099-R, are claimed as a credit on your return against the taxes you owe; they’re reported as tax...
The Tax Cuts and Jobs Act ended the penalty for not having minimum essential health coverage starting in 2019 (not for 2018). However, an individual without coverage in 2018 may be able to escape the ...
The commission paid to the gallery is a selling expense that reduces the sales proceeds reported for the transaction. Thus, the commission effectively reduces the amount of gain (or increases the amou...
Not for self-employed individuals. For example, an independent contractor filing Schedule C can claim a home office deduction in 2018. However, employees who work from home cannot claim a home office ...
Medicare beneficiaries with modified adjusted gross income (MAGI) over a set amount ($85,000 for single individuals and $170,000 for married persons filing jointly) pay an additional Part B and Part D...
No. Deductions usually must be claimed for the year in which they were paid. There’s no provision in the tax law allowing a person to “save” deductions and use them in a subsequent year....
