Tax deductions

Michael Bloomberg said Saturday he would raise taxes on the wealthy, increase the corporate tax rate, and curb tax-free inheritances of large estates, elements of a tax plan that he says would raise $5 trillion over a decade.

The former Treasury Secretary proposed a suite of steps the U.S. government can take to raise trillions of dollars more in revenue from the rich without adopting a wealth tax.

The Internal Revenue Service began accepting tax returns on Monday for tax season, while the Treasury Inspector General for Tax Administration highlighted the results of last year’s tax season.

Taxpayers are feeling good about their tax-filing abilities, according to a new survey, with 89 percent indicating they feel confident they have their withholding set up correctly and 95 percent saying they're confident that they're taking all the deductions they can.

New Jersey Governor Phil Murphy signed legislation Monday giving small businesses in the Garden State a workaround for the $10,000 cap on state and local tax deductions under the Tax Cuts and Jobs Act.

The Internal Revenue Service issued the 2020 optional standard mileage rates that taxpayers and tax professionals can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Tax Cuts and Jobs Act puts a whole new spin on an old strategy.

To help individuals and businesses prepare for filing season, Grant Thornton has released a collection of year-end tax tips.

Legislation that would provide big deductions for taxpayers with high state and local tax bills is gathering momentum in the House this week, but it’s headed into a brick wall in the Senate.

House Democrats are making a last-ditch bid to reverse the $10,000 cap on state and local tax deductions before year’s end. But they’ll likely need to renew their efforts in 2020 — or beyond — because the legislation has no chance of becoming law this year.

There are a host of ways to make the most of the month ahead.

Rev. Proc. 2019-46 reflects changes from the Tax Cuts and Jobs Act.

Certain land donation deals that get hefty tax deductions will be under tighter scrutiny from Internal Revenue Service auditors.

The number of donor-advised fund accounts has tripled in the past four years and grown approximately 150 percent since the passage of the Tax Cuts and Jobs Act at the end of 2017, according to a new report.

The guide provide advice for taxpayers on how to comply with the Tax Cuts and Jobs Act and other tax changes.

The Senate rejected a Democratic proposal that sought to give states leeway to help residents avoid the $10,000 limit on deductions for state and local tax payments.

A new notice explains which rates taxpayers should use as of Oct. 1.

Vacation rental property owners are finding out that their lofty dreams of taking their extra income and qualifying for a juicy tax deduction might be just that: a fantasy.

The Internal Revenue Service is giving those who own an interest in rental real estate a safe harbor to allow them to qualify for the section 199A deduction.

The tax break allows businesses to write off most depreciable business assets during the year they are placed in service.