The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.
While the changes to the tax law won’t affect most Americans’ 2018 filings for the 2017 fiscal year, 2019 will be a much different story. Citizens of certain states will benefit more than others, too.
Tax Reform changes depreciation limits on luxury automobiles The Tax Cuts and Jobs Act changed depreciation limits for passenger… Read more Luxury Automobile Tax Law Update
Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
Whether you are paying for a college education or a teacher buying items for your classroom, education credits and deductions can help lower your tax bill.
The American Opportunity Credit, Lifetime Learning Credit or the Tuition and Fees Deduction may help offset the cost of higher education for you, your spouse and your dependents.
You might qualify for this credit if either of these applies:
You’re age 65 or older.
You’re under age 65 and both of these apply: