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Deductions for Daycare Providers

Normally, a taxpayer seeking to take deductions for the business use of his or her home must meet the following qualifications: the business use of part of the home must be exclusive, regular, and for a trade or business AND the business part of...

General Litigation

You and the Internal Revenue Service meet in a head-to-head battle over various items on your tax return. The good news is that, under certain circumstances, you are entitled to recover the reasonable litigation or...

Terminating S Corporation Status

An S corporation may voluntarily terminate its status by filing a statement with the Internal Revenue Service Center where the original election was filed. In order to properly revoke an election, the consent of shareholders that at the time of...

Community Property Rules

The issue of community property rights is usually only relevant when a married couple decides to file separate income tax returns. Joint filers have no need to distinguish between community and separate income because all income is reported on a...

Over-the-Counter Drugs and Flexible Health Spending Accounts

Many drugs that were previously accessible only by prescription are now available over the counter. Unfortunately, many health plans do not cover the cost of these drugs once they are no longer prescription items, and this situation results in an...