Articles

For anyone who has to pay out-of-pocket expenses in the performance of his/her job, one of the keys to minimizing one’s federal income tax obligations is ensuring that you maximize your deduction relating to this expense. Making the most of this deduction rests, in...

Engaging in business transactions with family members comes with many potential risks. Sometimes the financial relationship creates a strain on the personal one. In other cases, no such personal stresses occur, but other unpleasant surprises nevertheless await. The...

Creating a single-member limited liability company offers the creator a degree of flexibility in how the owner manages the company, including the company as a “disregarded entity” for income tax purposes. However, the Internal Revenue Service’s rules, and the...

In the market that has existed since the housing crash of the last decade, there are an increased number of people who are landlords of small numbers of rental properties. The Internal Revenue Code declares that only a fraction of these landlords can deduct their...

Recently, U.S. taxpayers witnessed the passing of another “Tax Day.” While almost everyone knows that April 15 is the deadline for filing your previous year’s federal individual income tax return, some taxpayers may find that they need to submit filings regarding tax...

A well-known century-old proverb opines that, when life gives you lemons, you should make lemonade. This concept of making the best of even less-than-perfect situations holds true with taxes as with life in general. If one is an individual and must sell stock for a...

As students grapple with the escalating costs of post-secondary education, one enterprising student attempted to defray his costs by deducting his Masters of Business Administration program tuition as an unreimbursed business expense. Unfortunately for the taxpayer,...

The business expense deduction encompassed within Section 162 of the Tax Code permits taxpayers to claim a substantial range of expenses. One essential key, however, is that the expenses incurred must relate to an existing, active, ongoing business. If the expenses...

An engineer’s efforts to deduct several items as medical expenses or charitable contributions proved unsuccessful for a variety of reasons. The US Tax Court ruled that the taxpayer’s bicycle was not a medical expense because she could not prove that it was essential...

A couple seeking to move money between several individual retirement accounts found themselves pinched by the law’s strict limits for transactions that may qualify as a rollover contribution and avoid constituting taxable income. The rules’ cap on the number of...