Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly.
The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that are required under post-2018 divorce agreements. More specifically, the TCJA’s new denial of alimony tax deductions applies to payments required by divorce or separation instruments
Now that school’s out, many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:
New employees. Students and teenage employees normally have tax...
The IRS just announced that for the upcoming 2018 filing season, the IRS will not accept electronically filed tax returns until the taxpayer indicates whether they had coverage, had an exemption or will make a #shared_responsibility_payment. In addition, returns filed on paper that do not address the health coverage requirements may be suspended pending the receipt of additional information and any refunds may be delayed.
Do you know that you can earn tax-free money if you rent your home less than 15 days a year? It has become very popular in Southern California and in rest of the world to supplement income by renting out your own home, a guest house, or just a room for few days or weeks at a time.
To simplify IRS rules for you, here is a summary of Vacation Home Rentals Rules for Primary Personal Usage:
If you give gifts in the course of your trade or business, you can deduct all or part of the cost. You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. Example. Bob Jones sells products...
Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the moving expense deduction when filing a federal tax return.
Home means the taxpayer’s main home. It does not include a seasonal home or other homes owned or kept up by the taxpayer or family members. Eligible taxpayers can deduct the reasonable expenses of moving hou...