Tax Deduction

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CARES Act Gives Bonus Depreciation to QIP

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a technical correction that assigns a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017. (Without the technical correction, a 39-year recovery period applied). Most post-2017 QIP retroactively qualifies for the bonus depreciation deduction. Any MACRS property with a recovery …

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Enforcement of Syndicated Conservation Easements

The IRS is increasing enforcement actions for syndicated conservation easement transactions including more coordinated examinations across IRS divisions and more criminal investigations.  The goals of these audits may uncover billions of dollars of potentially inflated charitable contribution deductions for qualified conservation easements made through partnerships and limited liability companies (LLCs).

Medical Expense Deduction for Genetic Testing

Genetic testing added to growing list of deductible expenses In recent years when presented with the opportunity, the Internal Revenue Service (IRS) has identified a number of expenses as qualifying medical expenses for purposes of the itemized deduction for medical expenses or for qualified distributions from health savings accounts or flexible spending accounts.

Tax reform affects if and how taxpayers itemize their deductions

Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.

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