The CARES Act includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions.
In our very long and complex tax code, tax deductions come in all shapes and sizes, and have a lot of sticky rules attached to them. For example, business expenses must be ordinary (common and accepted in an industry) and necessary ...
Previously, a business taxpayer could deduct 50% of the cost of qualified entertainment expenses, if those expenses were properly substantiated. This included entertainment that was “directly-related” to or “associated with” the business.
The IRS announced on Tuesday that it has extended the tax deadline by one day to April 18, 2018. The move comes as many tax professionals and individuals encountered difficulties with the IRS website, particularly its Direct Pay system, which allows ...