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Income Taxes

Can Strippers Deduct Breast Implants?

Julian Block | Posted 02.01.2016 | Business
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Why Home Seller Who Suffers a Loss Won't Get a Tax Break

Julian Block | Posted 01.29.2016 | Business
Julian Block

What if your employer reimburses you for the loss? No offset of an otherwise nondeductible loss against the reimbursement, because they're separate transactions. The loss stays nondeductible. Nor is it permissible to include the reimbursement as part of the selling price and avail yourself of the exclusion.

Bad Debt Deductions for Worthless Loans to Spouses

Julian Block | Posted 01.27.2016 | Business
Julian Block

These being the times they are, you may be tapped for loans by relatives or friends who are unable to come up with the down payment for a home or who ...

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 01.26.2016 | Business
Julian Block

The rules for capital gains are tricky. Let's start with the basics.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2016 | Money
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties? But the law imposes several restrictions.

Deduct Business Suits? Forget It

Julian Block | Posted 12.28.2015 | Business
Julian Block

Paying the shirt off your back at tax time? Don't count on a deduction for what you wear to work from what you make at work.

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2015 | Business
Julian Block

And when it comes to your reputation, the line between business and personal is thin indeed. What controls the outcome are the particular circumstances.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.15.2015 | Business
Julian Block

Recent revelations that the FBI and CIA used at least 1,000 ex-Nazis as spies after World War II, in Europe and the United States, made me think about...

Here's How to Steer Clear of the Mutual Fund Tax Trap

Julian Block | Posted 12.11.2015 | Business
Julian Block

Plan ahead before you buy some shares in a stock mutual fund near year end, when the fund is about to pay a dividend.

Why You Should Donate Appreciated Assets to Your Favorite Charities

Julian Block | Posted 12.10.2015 | Business
Julian Block

When we contribute to our favorite causes, most of us go the easiest, most familiar route and simply write checks or use credit cards. We receive inco...

A Few Year-End Reminders for Dependency Exemptions

Julian Block | Posted 12.08.2015 | Business
Julian Block

Do you support one or both of your parents? Now is the time to nail down dependency exemptions for them. For 2015, you can claim an exemption of $4,0...

Tax-timing a Marriage or Divorce

Julian Block | Posted 12.07.2015 | Divorce
Julian Block

As part of your tax planning, you need to consider an expected change in your filing statue for this year or next.

Fees for Divorce Mediators and Matrimonial Attorneys: What's Deductible

Julian Block | Posted 12.04.2015 | Divorce
Julian Block

The IRS generally says "no" to tax deductions that might ease the pain of divorce. The agency has no sympathy for payments to mediators or litigators and other costs associated with a divorce. It characterizes those outlays as nondeductible personal expenses.

May You Be Imprisoned for Failing to Pay a Debt?

Brad Reid | Posted 09.16.2015 | Business
Brad Reid

The answer to the question contained in the title, in contemporary U.S. law, depends upon the definition of the word "debt" and the situation under co...

Trump More Progressive Than Democrats on Warren Buffett Problem

Chris Weigant | Posted 08.31.2015 | Entertainment
Chris Weigant

Democrats are doing one of two things, and neither one of them is very impressive. Democratic candidates are either so scared of being called a tax-raiser by Republicans that they do not support changing the problem at all, or they are secretly for changing it but don't want to say it.

Can You Deduct a Midnight Ride?

Mark Steber | Posted 07.02.2015 | Business
Mark Steber

As we approach our nation's birthday, barbeque, swimming, and fireworks tend to dominate our thoughts. Hopefully we can make time for another thought, even if it's brief and in between hot dogs, about the men and women who helped make our country and how they weren't very different from us.

Ready For April 15? Here Are 11 Great Tax Planning Tips For Same-Sex Couples

The Huffington Post | Curtis M. Wong | Posted 02.02.2016 | Queer Voices

Whether you're ahead of the game or procrastinate until the last minute, filing your income taxes is rarely a gratifying experience, even in the best ...

The Best Thing I Ever Did With My Tax Refund

GOBankingRates | Posted 06.07.2015 | Money
GOBankingRates

Examining the money habits of personal finance experts can give insights into what responsible money management looks like in the real world. We asked 15 personal finance experts, "What is the best thing you ever bought with your tax refund?"

Where Do You Fall in This Federal Income Tax Graph?

Graphiq | Posted 06.03.2015 | Money
Graphiq

The past 35 years have ushered in a considerable drop in the top rate paid by the most wealthy Americans, effectively narrowing the difference between the rates for the 1% and the rates for middle America.

Jeffrey Young

Here's How Obamacare Is Going To Affect Your Taxes

HuffingtonPost.com | Jeffrey Young | Posted 04.01.2015 | Business

Taxes are a pain. Health insurance is a pain. This year, Americans will suffer both when they file their income taxes. Ouch. The Affordable Care Ac...

Make Tax Day Work for You

Jim Gibbons | Posted 05.31.2015 | Money
Jim Gibbons

We all know that many hard-working families and individuals could use a financial boost in this still-tough economy. Millions of Americans can get just that by taking advantage of the tax credits and free filing services available to them.

Janet Yellen Gets the Need for Rising Wages. That's Why Republicans Are Out to Get Her.

Ian Reifowitz | Posted 05.03.2015 | Politics
Ian Reifowitz

To get back to that level and maybe even surpass it, we need someone in charge at the Federal Reserve who understands that creating conditions that increase the purchasing power of American workers' paychecks is a part of her mandate. From what she's said and done so far, it appears Janet Yellen is exactly that kind of Fed chair.

Top 5 Tax Scams Of 2015 To Avoid

GOBankingRates | Posted 04.29.2015 | Money
GOBankingRates

Imagine this: Someone claiming he's from the IRS calls and says you owe money. He demands you to pay via a pre-loaded debit card or wire transfer. Do you send the money? If you answered yes, you walked right into a scam.

Jeffrey Young

Here's How Obamacare Is Going To Affect Your Taxes

HuffingtonPost.com | Jeffrey Young | Posted 01.26.2015 | Business

Taxes are a pain. Health insurance is a pain. This year, Americans will suffer both when they file their income taxes. Ouch. The Affordable Care Ac...

Everything Married Same-Sex Couples Need To Know About Filing Income Taxes

Posted 02.02.2016 | Queer Voices

By Alexandra Temblador | The Next Family In 2014 we saw some major steps toward marriage equality in the United States. Although the celebrations ...