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If you buy an electric drive car, you may qualify for a tax credit of up to $7,500. However, the credit is reduced once the manufacturer has sold more than 200,000 cars in the U.S. Tesla reported that it reached this milestone for electric vehicles (EVs) in July 2018. What this means (https://www.tesla.com/support/incentives) : The [... […]
To claim a home office deduction, space must be used regularly and exclusively for business. There are two exceptions to exclusive use: day care businesses and storage of inventory or product samples for someone in the retail or wholesale business. However, storage of other business-related materials, such as customer records and invoices does not qualify [... […]
If a taxpayer files a fraudulent tax return, both civil and criminal penalties can result. The civil penalty is 75% of the underpayment attributable to the fraud (Code Sec. 6663). But if a fraud results from omitting income and a taxpayer files an amended return reporting that income, can the fraud penalty be avoided? That’s [... […]
If you have a plan loan outstanding and take a distribution that’s partially used to pay off the loan, are you taxed on the gross amount or the net amount (gross amount minus loan repayment)? That was the question put to the Tax Court by an individual who closed out her retirement account. She had [... […]
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