“Lost Money to a Scam?Here’s How to Tell If You Can Deduct It” To get my complete articlewith all the details… Scammers may have taken your money—but don’t let the IRS take your deduction, too. Our newest article, Greed or Goodwill: Your Motive Makes a Scam Loss Deductible, breaks down exactly when scam victims can deduct their losses—and when they can’t. Here’s … [Read more...]
Losses
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Don’t Let the Excess Business Loss Rule Catch You Off Guard
“Navigating Excess Business Loss Limits:What You Need to Know” To get my complete articlewith all the details… If your business saw a loss, the Tax Cuts and Jobs Act (TCJA) and subsequent tax law changes could limit your ability to deduct that loss on your tax return. In our new article, Navigating Excess Business Loss Limits: What You Need to Know, we break … [Read more...]
Wildfires, Floods, Hurricanes Can Produce Tax Deductions
“Deducting Disaster Losses for Individuals:Navigating the Rules” To get my complete articlewith all the details… Wildfires, floods, hurricanes—disasters. The financial toll can be devastating. You can deduct some disaster losses from your taxes. New rules allow certain disaster losses with amended returns for closed years. Recent changes to tax laws have made it … [Read more...]
The IRS Has Your Back in Times of Disaster
“Wildfires, Floods, Hurricanes:How the IRS Has Your Back” To get my complete articlewith all the details… Wildfires, Floods, Hurricanes—What’s the IRS Got to Do With It? When disaster strikes, the last thing you need to worry about is your tax bill. But did you know the IRS has a host of tax relief provisions designed to ease the financial burden for those affected … [Read more...]
Avoid Losing Tax Deductions When You Start a Business
"Don't Let the IRS Deny Your Business Deductions –New Tax Court Case Reveals Critical Timing" To get my complete articlewith all the details… Did you know the IRS can deny ALL your business deductions if you can't prove when your business actually started? A recent Tax Court case just cost entrepreneurs over $41,000 in disallowed deductions – simply because they … [Read more...]