The Tax Professionals Blog
Can the Teachers’ Classroom Supplies Deduction ...
Congress, recognizing that most classroom teachers spend a significant amount of their own money on classroom supplies, granted them a special deduction of $250 (indexed for inflation after 2015) as...
Read MoreMaximizing Investment Expenses
Investment expenses are deducted from investment income when determining net investment income (NII). NII is used in two important tax computations: the 3.8% Sec 1411 tax on net investment income...
Read MoreUber Driver Tax Treatment
This analysis does not address the potential employee/independent contractor issue related to Uber divers; it only deals with the tax treatment of drivers who are independent contractors.
Read MoreChild-Care Credit, Split Schedule C
When both spouses in a married couple are involved in the operation of an unincorporated business, it is fairly common– but incorrect – for all of that business’s income to...
Read MoreTax Treatment of Advanced Premium Tax Credit (A...
Regarding the situation in which a client has to pay back part of the advance PTC, students have asked if that payback is a deduction in the year paid back...
Read MoreEstate Tax Exemption Going Down?
On April 20, 2016, House Ways and Means Committee Ranking Member Sander Levin (D-MI) introduced legislation that he said would bring fairness to the tax code by restoring the estate...
Read More