Tag Archives: deductions

FAQ…What are miscellaneous itemized deductions?

Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall...
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Time payments to maximize year end tax benefits

When accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions take place. The following timing rules, among others, should be considered especially important as year-end approaches:...
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How do I? Elect not to carry back an NOL

Many taxpayers find the ability to carry back a net operating loss (NOL) one of the most business-friendly provisions in the Tax Code. This is often true for new businesses. In times of economic difficulty, Congress has even relaxed the net operating loss carryback rules. However, there may be times...
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Heated debate ahead on tax reform proposals

President Obama recently said that he wants a tax reform/deficit reduction package by August and lawmakers have many proposals to consider. The President has introduced a $3.77 billion budget for fiscal year (FY) 2014 with a host of tax reform proposals, the House and Senate Budget Committees have approved competing...
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