The Tax Professionals Blog
When is Alimony Non-Taxable?
IRC Section 71(b)(1) defines the term alimony. The code has four requirements, three of which are commonly recognized by tax professionals: the payments must be in cash (71(b)(1)), taxpayer cannot...
Read MoreHealth Savings Account (HSA) as a Retirement Plan
Health Savings Accounts (HSAs) are an oft-overlooked stratagem in retirement planning. Individuals with high-deductible health insurance plans can establish an HAS and make tax-deductible contributions to it. Congress created these...
Read MoreBusiness Use Of Car - Standard Mileage Rate Add...
Business owners quite often use the standard mileage rate instead of actual expenses when taking a deduction for the business use of their vehicle. The standard mileage rate is determined...
Read MoreHome Office, Bonus Depreciation & Sec 179 Consi...
Where a taxpayer’s Schedule C is negative or close to negative, there are issues that should be considered when claiming the home office, the Sec 179 expense, and the 50%...
Read MoreWhen a Repaid Premium Tax Credit Can Be a Medic...
Where an employer, for any month, offers an employee affordable ACA compliant health insurance, the employee is not qualified for a premium tax credit. However, some taxpayers, not being aware...
Read MoreDealing With Self-Rental Property Rules
Generally, the self-rental rules apply to taxpayers who rent property to a trade or business in which they materially participate. In such cases the income is treated as non-passive and...
Read More