The 199A deduction is one of the most complex parts of the 2017 Tax Cuts and Jobs Act. A couple of its features can have a big impact on retirement planning, and can allow taxpayers to deduct up to 20% of their qualified business income (QBI).
Recipients of taxable scholarships and Native American per capita distributions have been surprised with higher tax liabilities due to changes in the kiddie tax rules under The Tax Cuts and Jobs Act (TJCA).
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Employers are taking note of the new W-4 for 2020 – and employees should be taking a look, too.
A U.S. taxpayer that deducts a “disregarded payment” of interest or royalties to a related person may find its deduction disallowed under IRC §267A.
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return. However, thinking about it now can help make filing easier next year.
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form.
Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators.
Members of the military and their families often qualify for special tax benefits.