Tax deductions

President Donald Trump’s tax law could make divorce an even more miserable experience, according to a new survey of the nation’s top matrimonial attorneys.

With the passage of the sweeping tax overhaul, small businesses and entrepreneurs are scrambling to understand how the changes will affect them.

Changes to the treatment of alimony will have a big impact.

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance.

The Minnesota Society of CPAs recently surveyed its members about the most outrageous tax deductions clients tried to claim on their tax returns. The list shows taxpayers often don't know which deductions are allowed or not.

The widow of a country music producer who continued to operate, at a loss, an establishment to encourage songwriters was not able to deduct her losses in excess of her income from the activity.

Bonus depreciation, Section 179, interest and loss limitations—what does it all mean?

The federal tax overhaul put in place by Republicans has produced an unusual show of bipartisanship now that tax season is here: We are a nation united in befuddlement.

New York state lawmakers could punch a $50.6 billion hole in the federal government’s budget by revamping their state income tax.

New York state would end income taxes on wage earners and make up the revenue with an employer payroll tax that’s federally deductible as part of a restructuring plan that Governor Andrew Cuomo is recommending to mitigate harmful effects of the new U.S. tax code.

Businesses—especially smaller firms—may scale back on treating clients to major league baseball games, golf outings and the like after Congress and President Donald Trump ended a tax break for such entertainment.

In liberal bastions like metro New York and California, the Trump tax overhaul has been criticized as economic warfare. But as elements of the plan come into focus, tax experts are concluding that some of the most dire predictions for high-tax blue states—particularly surrounding the treatment of state and local taxes—may not pan out as feared.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

The Trump administration may try to block potential plans by high-tax states including New York and California to shield residents from state and local tax break changes, according to White House economic adviser Gary Cohn.

Washington, D.C.’s city government collected more than $50 million in prepayments of 2018 property taxes from about 7,500 taxpayers, said David Umansky, a spokesman for the city’s Chief Financial Officer Jeffrey S. DeWitt.

Before the ink was dry on the Republican tax bill signed into law late last month, experts predicted that state governments would try to shield their residents from tax hikes they’ll suffer from a sharp reduction in state and local deductions.

A roundup of influential and important legal decisions from the past year.

The Internal Revenue Service has issued a revenue ruling clarifying the tax treatment of a package of films on a TV channel in terms of the domestic production activities deduction.

Local jurisdictions in high-tax states are grappling with changes from the tax reform act.

But many 2018 taxes have already been levied, experts say.