Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn't allowable for a contribution...
The CARES Act amendments to section 163(j) will allow many taxpayers increased interest deductions in tax years beginning in 2019 and 2020. Section 163(j) in general Section 163(j) limits business interest expense...
View this article in PDF format. Education Tax Benefits If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you...
On Dec. 20, 2019, the House and Senate passed the Consolidated Appropriations Act, 2020. This year-end spending package included many tax provisions. The bill also extends expired tax provision which...
Click Here to view this article in PDF format. Deductible Expenses In order to be a deductible, business expenses for travel, lodging, and meals must be ordinary and necessary. An ordinary expense...
Beginning in 2018, employee business expenses are no longer tax deductible. The tax deduction for business vehicle expenses applies only to self-employed persons.If you use your car or truck in...