Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they itemize on Form 1040’s Schedule A are they able to deduct such costs. Also, their expenses have to be for bills that aren’t covered by insurance, reimbursed by employers or otherwise satisfied. So says Julian Block, an attorney and former IRS special agent.
President Biden has announced a new student loan relief program. According to the White House, the new program will "provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President's campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples)."
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do?
It's not always easy to figure out which home office write-offs are acceptable and which are not approved by the IRS. Below is a summary of the key provisions to give you a better idea of what you are able to deduct with the IRS
When you use a trust, you bypass probate, a lengthy legal process that validates your will, and you leave precise, legally binding instructions for how to distribute and potentially maintain your assets. Have a beneficiary with special needs who's ill equipped to manage the inheritance? Bequeathing complex assets that require ongoing attention after you're gone? A trust can help.
Back in 1913, Woodrow Wilson began his first term as president, and Americans first filed Form 1040s. Right from the beginning, Congress told the IRS to enforce rigid rules for compensation and to forget about gifts. The IRS followed orders.
The reasons for talent shortages can get complex. Oftentimes, they stem from one or more of the following:
A capital gain is a profit made when you as an individual or business sell a capital asset — investments or real estate, for instance — for a higher cost than its purchase price. A capital loss is incurred when there's a decrease in the capital asset value compared with its purchase price. Almost everything you own and use for personal or investment purposes is a capital asset: a home, personal-use items like furnishings, and collectibles.
The fear of missing out on the latest hot investments is a primal emotion that can play havoc with investment portfolios. The irrepressible urge to keep up with the Joneses infects financial markets just as it pervades daily life.
As an employer, you are required to uphold the responsibility of payroll taxes. As such, you must also ensure that you understand what the rules are, especially due to how complex they are in nature.
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