Since the 2018 tax reform, only self-employed workers can claim work from home tax deductions. Ensure deductions are related to your self-employed income, even if you’re also an employee.
As the client is a tax client and not a financial planning/investment advisory client, I could only do my best console the client with encouraging words like “Congrats on the acceptance.” and “I’m sure that once the acceptances come in, you guys will make the best decision.” However...
U.S. Sens. Robert Menendez, D-N.J., and Rep. Bill Pascrell Jr., D-9th Dist., members of the congressional tax-writing committees,have introduced bipartisan legislationto restore the full deduction and pay for most of the costs by re-imposing a 39.6 percent tax rate...
Steven D. BortnickTodd B. Reinstein
Hong Kong signed a comprehensive double taxation agreement (CDTA) with Bahrain on 3 March 2024. TheHong Kong-Bahrain CDTAenables companies in Hong Kong to enjoy taxation relief. Any tax paid in Bahrain, whether directly or by deduction, will be permitted as a credit against tax payable in Hon...
If you don’t have enough deductions to itemize anymore (or you expect a future large tax bill), you can save up and “bundle” the charitable contributions you would have made over multiple years into one donation large enough that you can itemize that year and take the deduction. Consider...