Tax deductions

The postponed filing date gives taxpayers extra time to lower their tax burden with some last-minute strategies.

Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.

It is important to look at cost segregation and what it can do for a taxpayer.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions.

One possible move is getting rid of the limit on state and local tax deductions, or SALT, that was part of the 2017 tax overhaul.

President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak.

A congressional explanation unearths an overlooked benefit from tax reform.

Democratic presidential candidate Pete Buttigieg took on one of the most fraught tax issues in Democratic politics, proposing that the $10,000 cap on state and local tax deductions be lifted.

The Internal Revenue Service has released a set of proposed regulations for businesses to follow when deducting meals and entertainment, in response to the 2017 tax overhaul.