Avoiding the Kiddie Tax after Tax Reform In December 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA) and changed how your children calculate their tax on their investment-type income. The TCJA changes led to much higher tax bills for many children. On December...
The big five tax breaks that most likely impact yourForm 1040 Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead...
Tax Issues of Converting Your Residence into a Rental Property The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a...
How to Deduct Assisted Living and Nursing Home Bills” Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care. If you could deduct these expenses, you’d substantially reduce your income tax...
Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might...
Know These Tax Rules If Your Average Rental Is Seven Days or Less If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with...
