The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driving for the second half of 2022 from 58.5 cents per mile to 62.5 cents per mile.
If you’re considering a home equity loan, know that, as of Jan. 1, the rules have changed under the Tax Cuts and Jobs Act. The IRS recently provided information about these loans and the news is good.
The IRS has issued interim guidance on the new business interest expense deductions created by the Tax Cuts and Jobs Act. Even though the guidance offers needed clarification, areas of ambiguity remain.
Does the April 17 filing deadline apply to your company? What additional tax deadlines are there for businesses and other employers during the second quarter of 2018? Find out!
The Tax Cuts and Jobs Act established a deduction based on a noncorporate owner’s qualified business income (QBI). It’s available to individuals who own interests in pass-through business entities.
It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard deduction and child credit are just the tip of the iceberg.
Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.
To avoid interest and penalties, it’s important for businesses to be prepared for upcoming tax-related deadlines. Make sure you know what’s due in Q1 of 2018.
A 15% or 20% tax rate generally applies to long-term capital gains. But a 0% rate is available for taxpayers in the two lowest income tax brackets. Here’s how higher-bracket taxpayers can take advantage of the 0% rate.
Contributions to qualified retirement plans generally are tax deductible or pretax. If you’re self-employed, you can boost your tax-advantaged saving by setting up a retirement plan for 2017.
Taxpayers who have a retirement plan and are over age 70½ or inherited the plan may be subject to required minimum distribution (RMD) rules. If you’re one of them, take your RMDs by Dec. 31 to avoid a 50% penalty.