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Can a taxpayer deduct the cost of hiring an attorney from taxable income? The answer depends greatly upon whether the lawyer was hired for a personal or business matter. The passage of the Tax Cuts and Jobs Act of 2017, whose provisions largely became effective...
The Tax Cuts and Jobs Act of 2017 will sharply decrease the number of taxpayers that take itemized deductions on their Form 1040 tax returns. You generally have two options when it comes to tax deductions: (1) take the standard deduction, or (2) itemize your...
On March 25th, 2014, the Internal Revenue Service issued a notice regarding cryptocurrency and stated it will be treated as property for the purpose of federal taxation. This statement was issued well before 2017, the year that Bitcoin exploded in value and became a...
Tax law has not been kind to medical marijuana. Although cannabis has been legalized in 29 states and the District of Columbia for medical purposes, it remains outlawed at the federal level. As a result, it has been the subject of harsh tax treatment by Congress and...
The ability to file as Head of Household comes with significant tax advantages if you qualify. This filing status can lead to a lower taxable income which may result in a greater refund than if you filed as single or married filing separately. Unfortunately, the...
In a Memorandum filed March 6th, 2018 in Cedric v. Commissioner, T.C. Memo 2018-24, Docket No. 13716-14, the U.S. Tax Court rejected a prisoner taxpayer's petition and request for court-appointed attorney for lack of jurisdiction.Cedric Ray Allen has been continuously...
Meghan Markle, an American actress, is set to marry Prince Harry of Great Britain in May 2018 and will become a member of the British Royal Family. Even when she moves across the pond and becomes a permanent bona fide resident in one of several royal palaces, Ms....
April 15th is Tax Day and the deadline for filing individual tax returns to the IRS. Maybe you figure that you have a few months to worry about it and taxes end up on the back of your to-do list. February ends and March begins... okay, there is still time to get it...
On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (hereafter "the Act") into law which affected nearly all aspects of the Internal Revenue Code. While the president was not able to totally fulfill his campaign promise to completely eliminate...
On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 into law and introduced sweeping changes to the Internal Revenue Code. One of the more stunning modifications has to do with the tax treatment of alimony and spousal support payments. ...