With a number of IRS updates and new rules passed through the 2017 Tax Cuts and Jobs Act, tax payers should make sure to review changes in standard deductions that took effect January 1, 2018, and ...

The standard deduction is below-the-line and is subtracted from a taxpayer’s adjusted gross income (AGI). Typically, taxpayers have two options: Take the itemized deductions or take the standard ...

Unlock overlooked tax deductions -- from medical costs to home office write‑offs -- to lower your taxable income and keep ...

The Fifth Circuit Court of Appeals upheld a Tax Court decision that a change in accounting method occurred when the IRS disallowed an accrual-basis taxpayer’s deduction for inventory purchased on ...

In a notice of a proposed revenue procedure (Notice 2019-27), the IRS on Tuesday provided methods of calculating W-2 wages for purposes of Sec. 199A(g)(1)(B)(i), which limits the amount of a deduction ...