ARTICLES

Many people plan a yard or garage sale while the weather is nice. Have you ever wondered how taxes affect these events? In most cases, these types of sales involve personal items that you've owned and used for a number of years. Since the selling...

Businesses that reimburse employees for away-from-home travel costs using a per-diem amount, rather than the actual costs, should take heed of a new announcement from the IRS. The IRS has announced that it plans to discontinue one of the...

The Department of the Treasury announced that 17 community banks across the country received a total of $214 million as part of the next wave of funding provided through the Small Business Lending Fund (SBLF). The SBLF, which was established as...

A recent Tax Court case serves as a reminder of the importance of contemporaneous documentation. Over a period of years, Thomas Kaider provided a number of services to his uncle, Edward Quinn. Some of these services related to Quinn's businesses,...

If you own stock in a small business corporation, check to see whether you qualify for an important tax break. Since 1993, the tax law has contained a tax exemption for part or all of the gain that individuals realize on the sale of qualified small...

As a result of changes made by the Affordable Care Act, health coverage provided by your employer for your children under 27 years of age is generally tax-free. Effective March 30, 2010, this expanded healthcare tax benefit applies to various...

In a recent case, the Tax Court ruled that payments made to caregivers for providing physician-ordered assistance and supervision to a patient suffering from dementia qualified as long-term care services and were thus deductible amounts paid for...

With the 2012 election cycle in its early days, it is only a matter of time before your phone starts to ring with candidates and political organizations soliciting monetary contributions. For many years, questions have been raised as to whether...

Many young people have summer jobs or will be going off to college soon and getting jobs to help foot the bill. Here are six tips from the IRS about employment that you may want to share with your children who are working. When you first start a...

The courts continue to be confounded over the question of whether an overstatement of basis that causes an understatement of gain or overstatement of loss on the sale of an asset is an event that allows the IRS to invoke the six-year statute of...

The Tax Court has refused to allow a theft loss deduction to a senior citizen who claimed he was swindled out of his retirement savings. Oscar C. Hawaii owned and operated a small trucking business. By early 2005, he had accumulated retirement...

The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase from 51 cents to 55.5 cents per mile for business travel. The increase took effect on July 1, 2011. The...