Under the right circumstances, even the weirdest expenses may be eligible for a tax break. Here are five situations where the IRS allowed them.
You probably know by now that charitable deductions are tax-deductible. But how about the cost of caring for your pet? Or your kid's clarinet lessons?
This tax season is especially notable because of the Tax Cuts and Jobs Act, which took effect in 2018. The new law roughly doubled the standard deduction to $12,000 for singles , eliminated personal exemptions and limited itemized deductions. She tried to nab a depreciation tax break on the implants, declaring them a deductible business expense.
The IRS had argued that the family enjoyed flying to Mammoth Lakes and that they would ski and swim during their visits, therefore the trips were actually vacations. Finally, if your pet becomes an internet sensation, you might be able to deduct related costs as business expenses, said Greene-Lewis.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IRS Says Tax Filing Numbers Still Down But Average Refund Dollars Are UpTax season appeared to be off to a slow start when it opened in January, with initial statistics showing fewer returns filed and smaller refunds issued. Numbers from the Internal Revenue Service (IRS) have finally ticked up where it matters: average tax refund dollars are up.
Read more »
IRS warns of sophisticated scams as tax day draws nearThe IRS gave NBC News a first look into some of the biggest scams this tax season with advice on how you can protect yourself. One to look out for: fraudulent phone calls or emails purportedly from the IRS that request credit card information.
Read more »
Want To Travel? IRS Warns U.S. Passports In Jeopardy If You Owe $52K In TaxesIf you owe IRS over $50K and aren't paying, prepare to lose your U.S. passport, warns IRS.
Read more »
As Tax Season Rolls On, IRS Still Reporting Fewer Returns & Smaller RefundsThree weeks into the tax filing season, numbers from the Internal Revenue Service (IRS) continue to show fewer tax returns filed and smaller tax refunds issued.
Read more »
Don't buy into these 3 myths this tax season, warns the IRSIf you receive a call, text or email from someone claiming to be from the IRS, for example, it's likely a scam.
Read more »
IRS Says Tax Filing Numbers Still Down But Average Refund Dollars Are UpTax season appeared to be off to a slow start when it opened in January, with initial statistics showing fewer returns filed and smaller refunds issued. Numbers from the Internal Revenue Service (IRS) have finally ticked up where it matters: average tax refund dollars are up.
Read more »
IRS Gives Tax Break To Sexual Harassment VictimsMeToo plaintiffs face tax problems when they recover, but the IRS just made it easier, just in time for plaintiffs filing their taxes on 2018 legal settlements.
Read more »
7 ways to make next year's taxes less painful than this year'sYou might ask yourself,'What can I deduct on my taxes?' You have a lot of options, and now is the time to lower your tax bill next year.
Read more »
Grassley would request Trump’s tax returns as check on House Dems'I’m not asking for the tax returns, but if the House of Representatives are going to get them, then I want the Senate Finance Committee to have them,' Sen. Chuck Grassley told reporters
Read more »