you’ll need to file a Schedule E tax form with the IRS to report rental income income or losses. Schedule E is filed along with your Form 1040 individual income tax return. While having rental ...

If you choose to itemize deductions, you'll have the option of sales tax deduction and the local sales tax you paid, or to ...

An LLC can opt to be treated like a corporation for tax purposes ... or loss and is recorded on Line 31 of Schedule C and also on Line 12 of IRS Form 1040 as business income.

Living overseas won’t let you off the hook from certain tax obligations, as you’re still required to file a tax return with the IRS. For some taxpayers, that means facing the ...

Are funeral expenses are tax deductible? Here's a breakdown on how to document these expenses for estate deductions and ...

Is rent a tax deduction? In general, taxpayers cannot deduct rent from their federal income taxes. However, some states offer ...

The charitable donation tax deduction lets you write off qualified gifts to nonprofit organizations, but there are rules to ...

In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on hobby losses, I ...

Hurricanes can cause immense destruction, but these tax benefits can help alleviate some of the financial costs.

Experts said the addition of numerous tax breaks provides new ways for people to try to game the system while making it more ...

If you've been paying for health insurance premiums and want to know whether those payments are tax deductible, you're in the ...

Responding to a recent call from a financial advisor in Illinois, the ERISA consultants at the Retirement Learning Center (RLC) address a question on sole proprietors and prohibited transactions.