deductions Archive

Net Operating Loss Tax Provisions (Deductions) in Europe, 2022

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

Top 5 Veterinarian Tax Deductions

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

The top most overlooked tax deductions in America

TweetShareSharePin0 Shares Tax deductions can be complicated. Working with a good local CPA is the best way to feel confident that you’re keeping the most you can of your hard-earned money, but it’s still smart to be financially literate, too.  Here, we assess the top most overlooked tax deductions you should be taking when you

Regs. proposed for present value of estate deductions

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

A Guide To Filing Taxes And Maximizing Deductions

TweetShareSharePin0 Shares Taking care of the taxes is for sure extremely important. Most of you know that famous saying by Benjamin Franklin “Nothing can be said to be certain except death and taxes” and that’s completely true. Now, if you’re reading this article, it probably means that you’re searching for some detailed information regarding DoorDash

Reviewing How TCJA Impacted Deductions

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

U.S. Global Minimum Tax Revenue Analysis

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

TIGTA Report Recommends Shortcutting Deficiency Procedures For Returns Claiming Casualty Loss Deductions

TweetShareSharePin0 Shares A recent TIGTA report discusses the processes the IRS uses to evaluate tax returns that reflect a claimed casualty loss deduction.  TIGTA criticizes the IRS for allowing casualty loss deductions that are not allowed under current law. It recommends that the IRS institute up front checks to prevent the processing of returns that may reflect an

Sports Owners Deductions & Amortization

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

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