Are medical expenses taking a bite out of your budget? This may be your last chance for deducting medical and dental expenses because the threshold for qualifying for deductions is set to revert to its higher level after 2020. For 2020, the IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses...
The IRS issued final regulations implementing provisions of the TCJA which disallow a business deduction for most entertainment expenses. The IRS clarified the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of qualifying expenditures, and how taxpayers may distinguish those expenditures from entertainment. ENTERTAINMENT The final regulations generally kept...
Curious about what your tax bill may look like next year? For starters, the inflation adjustments may seem smaller, only about 1% for the threshold dollar amounts for 2021 tax rate brackets. Here are the projected 2021 Tax Rates, Brackets, and Standard Deductions for the tax year beginning January 1, 2021. Tax Brackets The tax...
Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try stealing money and information from honest taxpayers. The Dirty Dozen list helps to raise awareness about common scams that fraudsters use to target people. Here are this year's "Dirty Dozen" scams: 1. Phishing: Be alert to potential fake...
The US Supreme Court has agreed to hear the Affordable Care Act (ACA) case in which several states are arguing that the individual mandate in the ACA (as revised by Congress in late 2017) is unconstitutional. The Supreme Court will hear the case this fall and is expected to render a decision in the first...
