Tag Archives: Deductions

How TCJA Affects Personal Causality Deductions

With hurricane Florence coming ashore later this week, DBL thought it would be a good time to explain the new application of personal casualty loss under the Tax Cuts and Jobs Act (TCJA).  A personal casualty loss is defined as … Continue reading

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Treasury Issues Proposed Regulations Addressing Charitable Deductions for State and Local Tax Credit Contributions

The Treasury Department recently issued proposed regulations addressing the availability of charitable deductions when taxpayers receive or expect to receive corresponding state or local tax credits for contributions.  The proposed regulations require a taxpayer who makes a contribution to a … Continue reading

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The Most Commonly Abused Tax Deductions

Taxpayers interested in maximizing their financial situation look for legitimate ways to reduce their tax burden. They find tax deductions, credits, and other ways to shrink their tax bill and pay as little as possible. That’s why they often consult with a … Continue reading

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The Good and Bad News on Charitable Deductions under the 2017 Act

The good news first:a. The 50% of adjusted AGI limitation maximum deduction amounts in any one year is increased to 60% as to cash contributions.b. The Section 68 3% “Pease limitation” phase-out of itemized deductions is out of the law … Continue reading

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IRS Issues Notice on State and Local Tax Deductions

On May 23, 2018 the U.S. Department of Treasury and the Internal Revenue Service issued Notice 2018-54, which announced new  proposed regulations addressing state and local tax payment deductions for federal income tax purposes. The 2017 Tax Cuts and Jobs … Continue reading

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