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 ...
As the year comes to a close, we have compiled some unexpected tax deductions you may be able to claim on your return as you look at getting your financial house in order and as you consider other New Year’s resolutions. Whether with your business, ...
The IRS has announced that taxpayers with the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will likely see delays in receiving their income tax refunds in 2018. This is due to extra fraud prevention measures the agency is implementing, which means that taxpayers with those credits will likely not see […]