For employers and their employees traveling for business this year, there are a number of considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply if the business conducted reasonably requires an overnight stay.

The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI deduction works and explains that it’s only available for a limited time, unless Congress takes further legislative action.

To support a charitable deduction, taxpayers need to comply with IRS substantiation requirements. But what if the taxpayer never receives a letter from the charity substantiating a donation? This article explains the rules.

Taxpayers preparing to file tax returns for 2023 may still have an opportunity to lower their tax bills. Those who are eligible can make tax-deductible contributions to traditional IRAs right up until this year’s April 15 tax-filing deadline, and benefit from the tax savings on their 2023 returns.