deductions Archive

TweetShareSharePin0 Shares Loss carryover tax provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover tax provisions help businesses “smooth” their risk and

TweetShareSharePin0 Shares The world of veterinary medicine is unique. Every day, vets and vet techs treat some of their clients’ most beloved family members – their pets! Working in this field is not just a job, but a passion.  No matter how much they love the animals they care for, even the most passionate veterinarians

TweetShareSharePin0 Shares A court has approved vehicle-related tax deductions for side jobs like Uber and Door Dash in a major ruling for the gig economy. In the recent court case, Gonzalez v. Comm’r, it was ruled that vehicular expenses incurred for any “side hustle” are tax deductible under certain circumstances. A summary of this specific

TweetShareSharePin0 Shares The IRS and Treasury issued proposed regulations Friday incorporating present-value principles by which an estate may deduct certain expenses and claims against the estate under Sec. 2053. The primary issue addressed in the proposed regulations, REG-130975-08, had been left reserved at Regs. Sec. 20.2053-1(d)(6) by final regulations issued in 2009. The preamble for

TweetShareSharePin0 Shares Two major provisions in the federal tax code have been limited since the Tax Cuts and Jobs Act (TCJA) of 2017: the state and local tax (SALT) deduction and the home mortgage interest deduction (MID). Limiting the two provisions helped broaden the tax base, offsetting tax revenue loss from reduced tax rates. The

TweetShareSharePin0 Shares The Biden administration has proposed significant changes to the tax rules that govern how much U.S. companies owe on their foreign profits while working to negotiate a global minimum tax. However, the global minimum tax and the Biden administration’s proposals are quite different. A recent Tax Foundation report dug into the details on

TweetShareSharePin0 Shares Over the past few weeks the media has reported on how wealthy taxpayers who own sports teams lower their tax liability by deducting the cost of purchasing a sports team over 15 years. Contrary to claims that deducting the cost of a sports team from taxable income is a “loophole,” such deductions are