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- Missing Out on a 9 Percent Business Tax-Deduction?
- The domestic-production activities deduction (DPAD) was enacted by Congress a few years ago to provide tax incentives for businesses that produce most of their goods or services in the United States rather than sending that work overseas. The DPAD is allowed for all forms of business entities (and their beneficiaries), including individuals, C corporations, farming cooperatives, estates and trusts. Pass-through entities such as S-Corporations and partnerships are also allowed to take the deduction, but in that case, it is passed through to the owners and partners.
- Hurricane Harvey Tax Ramifications and Casualty Loss
- With the historic flooding and damage caused by Hurricane Harvey, President Trump has declared the affected area a disaster area. If you were an unlucky victim and suffered a loss as a result of this disaster, you may be able to recoup a portion of that loss through a tax deduction. When you suffer a casualty loss within a federally declared disaster, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
- When Business Meals and Entertainment Are Deductible
- An often asked question is: are meals and entertainment deductible in the course of one’s business, and if so, under what circumstances? This type of expense requires you to comply with some pretty complicated qualifications, and if you can jump through the hoops, the expenses may be deductible in certain cases.
- When is a Charitable Contribution Appraisal Required?
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A commonly overlooked requirement of taking a tax deduction for donating clothing and household goods to charity is the substantiation requirement, for both what is donated and the value placed on the donation. Because the IRS has encountered so much abuse in this area, it has increased the donation verification requirements over the years, and taxpayers risk losing the deduction if their donations are not correctly documented and reasonably valued.
- Did You Have to Repay Part of Your Obamacare Subsidy and Don't Know Why?
- As part of Obamacare, most everyone is required to be insured or pay a penalty. However, this created a substantial financial burden for lower-income families. To alleviate this situation, Obamacare included a subsidy, referred to as the premium tax credit (PTC), to help them pay the cost of the insurance.
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