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Category: Tax Law

Top Ten Nolo Articles for 2017

Top Ten Nolo Articles for 2017

Happy New Year! And now, for a quick look back at what Nolo’s online readers were putting first on their reading lists last year. Anyone notice any themes? The ones that seem to stand out are money, money, more money, the inevitable inquiries following the Harvey Weinstein scandal, and food. Let’s take a closer look, starting at the top. Will I Get Penalized for Working While Collecting Social Security Retirement? Looks like a lot of people either can’t give up the…

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IRS to Assess “Play or Pay” Penalties Against Employers for 2015

IRS to Assess “Play or Pay” Penalties Against Employers for 2015

Earlier this month, the IRS announced that it will be moving forward with issuing the first penalties against employers for failing to provide the health care coverage required by the Affordable Care Act (ACA). For a time, it was unclear whether ACA employer penalties would be enforced. In early 2017, the President had issued an executive order directing federal agencies to minimize the “economic and regulatory burden” of the ACA. However, attempts by the President and members of Congress to…

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Losing the Home Office Space Means Losing the Tax Deduction, Too

Losing the Home Office Space Means Losing the Tax Deduction, Too

A recent article in Bloomberg reported that dedicated space for a home office is “less of a selling point” than it once was for home sellers. It’s appearing less often in real estate ads and marketing, and new-home developers are shifting toward open-floor plans containing flexible spaces, workspace nooks, and lots of handy electrical outlets. That’s all very well as a reflection of how modern connectivity allows many people to work from their sofa, in their pajamas, or at just…

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Trump Plan to Cap Itemized Deductions a Concern for Nonprofits

Trump Plan to Cap Itemized Deductions a Concern for Nonprofits

As has been widely reported, President-Elect Donald Trump’s plan to change the U.S. tax system includes placing a cap on itemized deductions–$100,000 for a single person, and $200,000 for a married couple. Sound like plenty to cover your deductions? (It sure is for mine.) But we all have cause for concern about the impact on U.S. nonprofit organizations, because charitable donations are on the list of potential U.S. tax deductions. Suddenly, the wealthiest of donors will have less incentive to give….

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Forty Cent Difference Between 2016 Business and Charity Mileage Deductions

Forty Cent Difference Between 2016 Business and Charity Mileage Deductions

The IRS actually lowered the amount per mile that a business owner can deduct for vehicle use in 2016. (See 2016 Standard Mileage Rates for Business, Medical and Moving Announced.) The standard mileage deduction went from 57.5 cents for 2015 to 54 cents. The amount that a volunteer using a car for charity can deduct in 2016 stayed right where it’s been for years, at 14 cents per mile. So relatively speaking, the volunteers are a little better off than they were last…

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