CPA, JD
IRS plans to Index Capital Gains for Inflation. Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina on July 2018 that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation (indexing) in determining capital gains tax liabilities.
The Tax Cut and Jobs Act (TCJA) changed materially the 1040 itemized deductions for 2018
For someone considering claiming the home office deduction, there are two options available: Regular method and simplified method.
An IRS senior administration official stated that IRS will issue Qualified Business Income Deduction (QBID) regulations by the end of July according to Bloomberg. These regulations will help outline the specific requirements and limitations for claiming the QBID deduction.
Veterans who received disability severance payments after January 17, 1991 and included that payment as taxable income should file Form 1040X, Amended U.S. Individual Income Tax Return.
Taxpayers can place up to $1,000 per year for an individual or $2,000 per year for a family or joint filing couple into pre-tax medical accounts (HSA/FSA accounts) for reimbursement of physical activity expenses.