Here’s the story. For payments required under divorce or separation instruments that is executed after Dec. 31, 2018, the new law eliminates the deduction...

If you report your gross sales net of refunds and allowances on line 1 of your Schedule C, do not deduct refunds and allowances again on line 2 of your Sc...

In general, if you own the original physical artwork, then in most cases it is legal for you to sell that one PHYSICAL artwork (Not copies). There are exc...

When a fixed asset is revalued, there are two ways to deal with any depreciation that has accumulated since the last revaluation. The choices are: Force t...

It’s less to do with your marital status and more to do with the individual situation—the ex, your partner, and you. Sometimes, being friends with an ex i...

What is Married Filing Separately (MFS)? MFS – Married Filing Separately is a tax filing status on tax returns where a couple choose to file taxes separat...

You can deduct vehicle-related expenses as the actual expenses you incur (repairs, upkeep, and gasoline), or using the standard mileage rate as per the IR...

Arrange a named person at the placement organisation to contact with any problems. Arrange an on-going review procedure with the employer to ensure that t...

Certain joint returns can exclude up to $500,000 of gain. You must meet all these requirements to qualify for a capital gains tax exemption: You must have...

For the 2018 tax year, you can make a deductible HSA contribution of up to $3,450 if you had qualifying self-only coverage last year or up to $6,900 if yo...