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- Overlooked Tax Deductions
- These tax deductions and credits can mean big savings on your 2008 federal income tax return. But you may not know about them, especially the new ones. So before you send in your return, check out these write-offs and take the ones you're due. ...
- Articles 2009-04-03
- Lower Your Taxes: 10 Moves to Make Now
- Don?t wait until December to look for ways to trim your 2009 taxes. That will be too late to take advantage of some key tax breaks that require a little time to implement. So start making these moves now ? before it?s too late to claim the write-offs on your...
- Articles 2009-11-02
Additional Resources
- Tax Court Limits Trust Deductions
- Will the Second Circuit Appeals Court Allow Them? The Tax Court has again ruled that a trust's investment advisory fees are subject to the 2% rule that limits miscellaneous itemized deductions. The decision, William L. Rudkin Testamentary Trust (124 T.C. No. 19), held that the trustees could not...
- Research articles 2006-04-01
- Deducting IRA Fees.(Individual Retirement Arrangement)(Brief Article)
- If you use outside funds to pay a yearly IRA maintenance fee, add the fee to your list of miscellaneous deductions. Once those deductions, which can include tax and investment advice, exceed 2% of adjusted gross income, they're deductible. Brokerage commissions incurred by trading...
- Research articles 2005-04-01
- Treatment of legal fees incurred by individuals: depending on the claim that generated them, individuals' legal fees may be characterized in a variety of ways, from fully deductible to deductible only as a miscellaneous itemized deduction to totally nonde
- EXECUTIVE SUMMARY * If the origin of a claim that generated legal fees is personal, the fees are not deductible. * Possible favorable treatment for legal fees includes either above-the-line deductions or adjustments to basis or selling price in a property...
- Research articles 2007-10-01
- The IRS's catch 22
- JUST WHEN YOU THOUGHT YOU WERE GETTING A BREAK FROM LOWER INDIVIDUAL INCOME TAX RATES TAKING EFFECT FOR 2002, you could find yourself facing the federal governments version of Catch 22 -- the alternative minimum tax. Sell a business or real estate for a capital gain, have a really...
- Research articles 2002-01-01
- Prop. regs. clarify treatment of trust administrative expenses.
- Under Sec. 67a, miscellaneous itemized deductions are allowed only to the extent that they exceed 2% of a taxpayer's adjusted gross income AGI. The AGI of an estate or trust is computed in the same manner as for an individual for these purposes, Under Sec....
- Research articles 2007-10-01
- Tax Tips for the New Jobless
- Exactly how much you can write-off for job-related expenses after you've been laid off depends on how you characterize yourself to the Internal Revenue Service. Here's how to grab all the employment deductions you can when you file your federal income tax return... Most days, being well-off is preferable...
- Articles 2009-03-05
- Announcement 2007-92
- Section 67 Limitations on Estates or Trusts; HearingAGENCY: Internal Revenue Service IRS, Treasury.ACTION: Change of location for public hearing.SUMMARY: This document provides a change of location for a public hearing on proposed regulations (REG-128224-06, 2007-36 LR.B. 551) providing guidance on which costs incurred by estates or non-grantor trusts are subject...
- Research articles 2007-10-15
- Prop. regs. address deductibility of trust and estate costs.
- In July, the IRS issued proposed regulations (REG-128224-06) providing guidance on whether costs incurred by estates or nongrantor trusts are subject to the 2% floor for miscellaneous itemized deductions. The new rules intend to clarify the deductibility of advisory fees paid by estates and trusts. This...
- Research articles 2007-11-01
- Tax changes for individuals in 1996
- While most provisions are not effective until January 1, 1997, practitioners can expect to be flooded with questions from their clients about how the new laws will affect them and what they can do now to minimize the damage, if any. The bills have good news and bad news for...
- Research articles 1996-12-01
- Another Door Closes
- The deductibility of investment management fees is a significant issue for many wealthy clients. The Supreme Court recently reached a rather unfavorable decision on this issue in Knight vs. Commissioner that effectively puts the kibosh on the ability of most trusts and estates to deduct investment management fees. It is...
- Research articles 2008-05-01
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