How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

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Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…
Eldercare Can Be a Medical Deduction

Eldercare Can Be a Medical Deduction

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Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications…

How High-Income Professionals Can Benefit from the Pass-through Deduction

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Article Highlights:  High-Income Professionals Specified Service Trade or Business Sec. 199A Deduction Defined Contribution Retirement Plans Defined Benefit Retirement Plans Tax Savings If you are a high-income professional…
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Good and Bad News About The Home Office Tax Deduction

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Article Highlights:   Home Office Qualifications Actual-Expense Method Simplified Method Income Limitation Employee Deduction “Home office” is a type of tax deduction that applies to the business use of a home; the…