The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans who have itemized deductions...

For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to know about the TCJA, which was signed into law on December...

Many people dream of making money pursuing a favorite hobby. By starting a sideline business, you could be eligible for a treasure chest of tax deductions. If you follow certain rules, you can deduct the expenses related to your venture, including equipment, advertising, subscriptions and business-related auto costs. You might even be able to claim a...

The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital contribution to a business entity that underperformed. Or a taxpayer might have advanced...

Want to borrow money from your retirement plan? Not so fast. Retirement plan loans can be a viable way to get money in a crunch, but you need to follow the rules about repaying them. If you don’t, it could lead to unfavorable tax consequences, as two taxpayers recently learned the hard way in U.S. Tax...

The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a “theft” for tax purposes isn’t strictly limited to house burglaries or stolen cars. However, as you will see from several U.S. Tax Court cases, the deduction can hinge on the application of state law. Basic ground...