Tax deductions

There are a number of reasons taxpayers hire professionals to file their taxes – and one of the best is to prevent them from trying to claim truly ridiculous things in their filings.

Some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republic congressional leadership, so taxpayers may want to make the most of them now.

Some deductions and credits may be traded for lower overall rates in the Trump administration’s reform plans, so tax preparers may want to make sure their clients make the most of them now.

On Dec. 31, 2016, Code Section 457A put to an end to the strategy of deferring compensation in tax-advantaged jurisdictions offshore.

Tax columnists George Jones and Mark Luscombe of Wolters Kluwer put together a list of important changes from this year that will carry over into the next.

For 2017, carryover from 2016 not only includes the usual reporting and compliance issues related to the tax year just ending, but also those tax changes and issues begun in 2016 that are by no means finished at year's end.

As the end of the year approaches, many of us are focused on taking advantage of tax break opportunities before another year begins.

The IRS's annually updated standard mileage rates for deducting costs of operating an automobile come with some important rules.