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The Tax Cuts and Jobs Act of 2017 did not make any direct changes to the passive activity loss rules. Those with rental real estate and income below a set amount may still be able to deduct up to $25,...
If the loss occurred in 2017 and it’s a personal loss, it may be deductible as a theft loss. The loss is treated as an itemized deduction allowable only to the extent it exceeds 10% of adjusted gros...
Self-employed individuals can deduct premiums for their health coverage as an above-the-line deduction under certain conditions; no itemizing is required. While the IRS has never specifically said the...
If you are experiencing difficulties with the IRS, know your rights as a taxpayer. Read the Taxpayer Bill of Rights (https://www.irs.gov/pub/irs-pdf/p1.pdf). Also consider contacting the National Taxp...
It depends on whether you qualify for the home sale exclusion. This exclusion lets you omit from gross income up to $250,000 of gain ($500,000 on a joint return), but only if you meet certain conditio...
If one spouse uses “married filing separately” as the filing status, the other spouse must also use this filing status. The other spouse must file if his/her gross income is more than a set amount...
Whether an employee is eligible to participate in a company’s 401(k) plan may depend on satisfying a period of service there. But once in the plan, an employee can make investments from the menu of ...
If you are not the spouse of the person who set up the Roth IRA, you cannot roll over the funds to your own Roth IRA account. However, you can change investment companies; you aren’t limited to a pa...
Contributions to an IRA are based on earned income, which includes net earnings from self-employment. If you have a qualified retirement plan, such as a SEP, for your business, you can contribute to a...
Christian Health Care Ministries Program is a faith-based cost-sharing program for medical expenses. Payments from the program are treated like insurance reimbursements, so because your medical expens...
The Tax Cuts and Jobs Act of 2017 did not make any direct changes to the passive activity loss rules. Those with rental real estate and income below a set amount may still be able to deduct up to $25,...
If the loss occurred in 2017 and it’s a personal loss, it may be deductible as a theft loss. The loss is treated as an itemized deduction allowable only to the extent it exceeds 10% of adjusted gros...
Self-employed individuals can deduct premiums for their health coverage as an above-the-line deduction under certain conditions; no itemizing is required. While the IRS has never specifically said the...
If you are experiencing difficulties with the IRS, know your rights as a taxpayer. Read the Taxpayer Bill of Rights (https://www.irs.gov/pub/irs-pdf/p1.pdf). Also consider contacting the National Taxp...
It depends on whether you qualify for the home sale exclusion. This exclusion lets you omit from gross income up to $250,000 of gain ($500,000 on a joint return), but only if you meet certain conditio...
If one spouse uses “married filing separately” as the filing status, the other spouse must also use this filing status. The other spouse must file if his/her gross income is more than a set amount...
Whether an employee is eligible to participate in a company’s 401(k) plan may depend on satisfying a period of service there. But once in the plan, an employee can make investments from the menu of ...
If you are not the spouse of the person who set up the Roth IRA, you cannot roll over the funds to your own Roth IRA account. However, you can change investment companies; you aren’t limited to a pa...
Contributions to an IRA are based on earned income, which includes net earnings from self-employment. If you have a qualified retirement plan, such as a SEP, for your business, you can contribute to a...
Christian Health Care Ministries Program is a faith-based cost-sharing program for medical expenses. Payments from the program are treated like insurance reimbursements, so because your medical expens...
