It is not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under
The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in
Some of your medical expenses may be tax deductible but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you
When teachers are setting up their classrooms for the new school year, it is common for them to pay for a portion of their classroom supplies out of pocket. A
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non-corporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you —
Your non-profit probably already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. However, your obligations may go further than that.
The good news is that the Tax Cuts and Jobs Act (TCJA) of 2017 lowered corporate tax rates from a graduated schedule that reached 35% to a 21% flat rate.
