Tag Archive for: deduction

WXC Corporation Miami
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IRS issues final regulations on business interest expense deduction limitation

WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES…
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Who Does the IRS Consider to Be a Qualifying Relative?

The IRS recently announced that it plans to issue regulations to reduce the personal exemption amount to zero for tax years 2018 through 2025, provided the reduction will not be factored into determining if someone is a qualifying relative under…
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2017 Tax Reform Legislation: What You Should Know

The bill will affect the taxes of most taxpayers, but one key point to keep in mind is that for most people, the bill won't affect your taxes for 2017 (the one you file in 2018). If you’re wondering how you’re affected, not to worry,…