This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

The Internal Revenue Service has announced several changes for the 2002 tax year that adjust tax laws to reflect inflation. One change affects the way donors calculate their charitable deductions.

As Americans get ready for the upcoming tax season, sweeping changes are going to affect how individuals and families file this year — including which deductions and credits they can claim. While the ...

Some taxpayers love to test the IRS boundaries on allowable deductions. Consider the business owner who had his store burned down and tried to deduct the arsonist's payment as a "consulting fee," or ...

In general, the home office must be used exclusively and regularly as the principal place of business or to meet and deal with customers in the normal course of the business. If the taxpayer is an ...

President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For ...

There are many business expenses that you can deduct for tax purposes. You need to keep track of these expenses along with all revenue to properly complete your income tax statement. You can deduct ...