In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous ...

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The Internal Revenue Service has announced several changes for the 2002 tax year that adjust tax laws to reflect inflation. One change affects the way donors calculate their charitable deductions.

President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For ...

Senator Sonny Angara is pushing for the passage of a bill that seeks to include college tuition and related expenses as allowable deductions in computing taxable income. Angara cited the high cost of ...

Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, certified VITA tax preparer, IRS annual filing season program participant, and tax writer. Assessable ...

Tax incentives are certainly among the reasons why an investor would want to do business in a country. Here in the Philippines, an enterprise registered with the Philippine Economic Zone Authority ...

This week's column examines conditions of a debt in relation to deductions allowable for income tax act purposes. When is a bad debt allowable as a deduction for income tax purposes? What is ...