Can you spot a fake IRS employee? Many people tremble at the thought of hearing from the IRS. That fear can make them vulnerable to scams that seek to steal their assets or identities....

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Is your hobby actually a business? It’s an important question because although you must report hobby income on your tax return, hobby expenses aren’t currently deductible. In general, an activity is considered a business...

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If you’re one of the estimated 19 million taxpayers who’ve requested an extension to file their 2021 tax return, the filing deadline is Oct. 17. The IRS is reminding those taxpayers that they don’t...

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Students and staff at educational institutions, beware. An IRS impersonation scam continues to target schools, including people with “.edu” email addresses. This applies to public, private, and nonprofit schools. The suspect emails display the...

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Toyota is the latest auto manufacturer to sell enough plug-in electric vehicles (EVs) to trigger a gradual phaseout of federal tax incentives for specified models sold in the U.S., joining Tesla and General Motors....

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There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. If eligible, they can also exclude from gross income up...

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The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus...

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Donating property to a qualified nonprofit may result in a tax deduction if you follow the rules. Get a written receipt when you donate. For property worth more than $500, complete and attach IRS Form...

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Do you have a free hour on July 20 (at 2:00 pm ET)? The IRS and Federal Trade Commission are inviting all taxpayers to a free 60-minute webinar, “Scams, Tax-Related Identity Theft and Identity...

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U.S. Rep. Jackie Walorski (R-IN) has introduced a bill that would double the research and development (R&D) credit. The Fostering Innovation and Research to Strengthen Tomorrow (FIRST) Act would double the “traditional” credit to...

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