A. The tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual taxpayers. Except where noted, these changes are effective for […]
tax deduction
Loans To Relatives
Loans To Relatives PUT ALL FAMILY LOANS IN WRITING Documentation is critical on any family loan. If the loan goes bad, you’ll want to claim a tax deduction. But, without proper paper work, an IRS auditor will say the transaction was a gift, which means no deduction for you and a possible problem with a […]
Employer Paid FICA
Employer Paid FICA – Deduction For Paying Employee’s FICA Taxes Allowed The tax code expressly bars a deduction for an employees’ share of FICA. So when a company agrees to pay it’s employees’ share of FICA during a payroll tax audit, IRS agent asked the National Office if the company could claim the deduction. The […]
Donating A Car To Charity
Donating A Car To Charity Donating a used vehicle to charity is a terrific way to get a big write-off on your tax return. But before you hand over the keys, make sure the deal is handled properly. The IRS has begun to scrutinize these contributions closely. The IRS is aware of advertisements that promise […]