Taxes February 25, 2025
Tax Court Rejects Self-Employment Claim by Freelance Movie Critic
Generally, self-employed individuals are required to pay annual self-employment tax, the equivalent of FICA tax for employees, on most business earnings.
Taxes February 15, 2025
CPA Weekly Tax News Roundup – Feb. 16, 2025
The CPA Practice Advisor Weekly Tax News Roundup is a weekly recap of tax-related news from the past week. From IRS news and tax court cases, to state, SALT, legislation and other related areas, the roundup can help you catch-up on recent changes. === Let us know if you like this new feature using the...…
Small Business February 7, 2025
Tax Court Sides with IRS: Businesses Need to Prove Their Expense Deductions
If you’re a self-employed individual, you can deduct your “ordinary and necessary” business expenses, just like the corporate giants do. However, you’re also held to the same strict substantiation rules.
Taxes February 4, 2025
IRS Says No Tax Deduction for IVF Expenses of Surrogate
In a new private letter ruling, the IRS said that in vitro fertilization (IVF) expenses for a surrogate on behalf of a married couple are not deductible by the couple as a medical expense under the tax code.