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Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are...

Taxpayers have a duty to file an accurate tax return. But errors occur nonetheless. There can be mathematical errors or omissions of income and overstatements of deductions. When the errors are the re...

One investor who bought a cryptocurrency at $1 per unit and it declined to a penny a unit by the end of the year. He asked the IRS whether he could deduct a loss due to worthlessness or abandonment an...

The Tax Court, in a lengthy opinion, for the first time has decided that gender identity disorder (GID) is a disease, so that treatment of that disease (reassignment surgery) is a deductible medical e...

If you receive certain notices from the IRS requesting additional information, you may now be able to update documents to the IRS instead of mailing them in (IR-2023-29). If you receive one of the not...

Modified adjusted gross income (MAGI) is a term used in the tax law for various purposes. It may be the benchmark that allows you to claim certain tax breaks or bars you from others. It is also used f...

The IRS has a program to reward individuals who provide information that enables the IRS to collect more revenue. Specifically, the IRS Whistleblower Office pays a reward if you bring "specific and cr...

Retirement plans are primarily designed to provide income during retirement years. However, in tough economic times, individuals short of cash to pay for housing, medical costs, and other necessities ...

When couples divorce, they settle financial matters between themselves. For instance, one spouse may receive the family home and agree to make all future mortgage payments for this home. How do these ...

Americans are kind-hearted people who reach out to those in need. Taxpayers who itemize their personal deductions can claim a write-off for charitable contributions. But not every example of generosit...