Tag: itemized deductions


Size of charitable deductions depends on many factors

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift

One of … Read More »


Casualty and Theft Losses: Find the Silver Lining in Dark Clouds

Although nowhere in the United States is safe from Mother Nature, there is a silver tax lining: If your personal-use property is struck by a natural disaster, damaged by another calamity or stolen, you may be able to obtain some … Read More »

November 28th

Timely Articles. No Comments


Beware of income-based limits on itemized deductions and personal exemptions

Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout.

Income thresholds

If your adjusted gross income (AGI) exceeds the applicable threshold, most of your itemized deductions will … Read More »

October 25th

Tax Department, Tax Planning. Comments Off on Beware of income-based limits on itemized deductions and personal exemptions


Documentation is the key to business expense deductions

If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions.

Case 1: Insufficient … Read More »

September 13th

Tax Department, Tax Planning. Comments Off on Documentation is the key to business expense deductions


Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” … Read More »

August 23rd

Tax Department, Tax Planning. Comments Off on Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is

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