Taxes

Introduction: Dealing with the Internal Revenue Service (IRS) can often seem daunting, especially when it involves understanding specific forms and their requirements. IRS Form 56 is one such document that is vital yet not commonly understood. This simple guide is designed to match your search inten…

At a Glance Owning rental property allows for tax-deductible depreciation expenses Depreciation is an income tax deduction that recovers the cost of property over time Residential rental property has a useful life of 27.5 years for depreciation purposes Effective record-keeping is important when ded…

At a Glance Real estate taxes may be deductible on federal income tax returns Conditions for deductibility include being based on assessed property values and charged uniformly The Tax Cuts and Jobs Act implemented a cap on state and local tax deductions, including real estate taxes To claim real es…

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At a Glance Professional association dues were deductible as unreimbursed work-related expenses before the Tax Cuts and Jobs Act (TCJA) of 2017. For self-employed professionals, these dues are often deductible if they are ordinary and necessary for their trade or business. Membership fees for certai…

At a Glance The TCJA suspended personal exemptions starting from 2018. Higher standard deductions and increased tax credits offset the elimination of personal exemptions. Consult IRS guidelines or a tax expert to stay up-to-date with current tax laws. If you’re preparing to file your taxes, yo…

At a Glance The tax deduction for moving expenses is suspended for non-military taxpayers from 2018-2025 Active-duty military members may be eligible to deduct moving expenses Military members must not be reimbursed for the moving expenses to claim the deduction State-level deductions or credits for…

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At a Glance Moving expenses for military personnel can be tax deductible. Active-duty members of the Armed Forces may deduct unreimbursed moving expenses. Expenses include the cost of moving household goods, personal effects, and travel costs. These deductions can be claimed without itemizing. Activ…

At a Glance Tax deductions for medical expenses can provide relief for taxpayers. Qualified medical expenses that exceed a certain percentage of AGI can be deducted. Preventative care, treatment, dental and vision care, prescriptions, travel costs, and long-term care services are examples of deducti…

At a Glance Losses from Ponzi schemes may be tax deductible under certain conditions IRS treats Ponzi scheme losses as theft losses Criteria for theft loss deduction Documentation required to support theft loss deduction Victims of Ponzi schemes suffer not only financial and emotional distress but a…

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At a Glance Jury duty expenses are not tax deductible. Jury duty pay surrendered to employers was previously deductible, but recent tax reforms have affected this provision. Jury duty pay received directly should be reported as income on tax returns. Lost wages due to serving jury duty are not deduc…

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