On their joint tax return, a married couple deducted $27,400 in funeral and estate administration expenses they’d paid after the wife’s father died. The IRS denied the deductions and the U.S. Tax Court agreed. “Funeral expenses are clearly personal or family expenses” that are nondeductible, the court stated. The taxpayers said they’d relied on various […]
In a recent release, the IRS highlighted tax resources available to small business owners. One such tax-saving option is claiming home office deductions. Small business owners have two options: the regular method and the simplified method. Be aware that, regardless of the method used to compute the deductions, business expenses in excess of the gross […]
Grandparents in the challenging situation of raising their grandchildren should know that some tax breaks may be available to ease the financial burden of becoming primary caregivers for grandchildren. These may include head of household filing status, exemption for the child, the earned income credit, the child tax credit, the credit for child and dependent […]
The U.S. Court of Appeals for the Third Circuit has ruled that, except with respect to returns prepared with the assistance of the IRS, debts for unpaid taxes from late-filed tax returns aren’t dischargeable in bankruptcy. In so doing, it affirmed U.S. District Court and bankruptcy court decisions and also came to the same conclusion […]
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