Interest on personal loans and credit cards is generally not a deductible expense. But one important exception to this general rule is when you use a personal credit card or…
When an investor sells a stock or mutual fund that produces a loss, this capital loss reduces taxable income by first offsetting any capital gains, and then by reducing taxable…
In the event of an IRS audit, you need to provide documentation for your deductible expenses. Some people keep the receipts, while others keep credit card statements. So what exactly…
Do you have a child who turns 17 in 2019? If so, you may be in for a tax hike next year. Why? Because the child tax credit ends the year…
Prior to the Tax Cuts and Jobs Act, taxpayers could deduct interest on mortgage loans up to $1 million as long as the proceeds were used for the purchase of…
Last December’s tax reform was billed as the Tax Cuts and Jobs Act, and to that end, small businesses received a valuable deduction with the idea that the tax savings…