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6 days ago | 
kiplinger.com | Joy Taylor
Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at questions related to amended returns, reverse mortgages and depreciation deductions. (Get a free issue of The Kiplinger Tax Letter or subscribe.)Q1: Amended returnsI mailed amended tax returns on Form 1040-X to the IRS in early January. They show up in the IRS system as received by the agency, but I have not yet received my refunds.
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1 week ago | 
kiplinger.com | Joy Taylor
Each week, in our new Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at questions related to IRAs and other retirement accounts.
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2 weeks ago | 
kiplinger.com | Joy Taylor
Each week, in our new Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at questions on the topic of Congress’s and President Trump’s tax agenda. (Get a free issue of The Kiplinger Tax Letter or subscribe.)Q1: Tax Bill ForecastWill Congress pass major tax changes this year? And if so, when?
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3 weeks ago | 
kiplinger.com | Joy Taylor
Each week, in our new Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, since we are in the middle of tax filing season, she’s looking at questions related to filing of tax returns and paying taxes. (Get a free issue of The Kiplinger Tax Letter or subscribe.)Q1: 20% QBI DeductionI left my full-time job early last year and now work as an independent freelance consultant.
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1 month ago | 
kiplinger.com | Joy Taylor
Each week, in our new Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, since we are in the middle of tax filing season, she’s looking at questions on the topic of reporting income and deductions on the 2024 Form 1040. (Get a free issue of The Kiplinger Tax Letter or subscribe). Q1: Residential Rental PropertyI own a residential rental property.
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1 month ago | 
kiplinger.com | Joy Taylor
As President Trump and Republican tax writers on Capitol Hill negotiate a tax package to extend expiring tax provisions and enact other tax breaks, they will have to consider business taxes. Business lobbying groups are pushing hard for an extension of the 20% qualified business income (QBI) deduction for owners of pass-through businesses. In addition, they want to bolster three business tax provisions that have been watered down over the last few years.
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2 months ago | 
kiplinger.com | Joy Taylor
As you bask in your retirement years, traveling, enjoying dinners with your friends, spending time with family, finding new hobbies, and returning to old ones, you may think your chances of an IRS audit would be low. After all, why would the IRS examine tax returns that you file in your golden years? And generally, you would be right. Over the past few years, the IRS has been auditing significantly less than 1% of all tax returns filed by individuals.
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2 months ago | 
kiplinger.com | Joy Taylor
Being in business for yourself can be exciting, lucrative, and a great way to draw the attention of the IRS's audit division. The IRS has audited significantly less than 1% of all individual returns in recent years, so most taxpayers can rest easy. But if you file a Schedule C to report profit or loss from a business, your odds of drawing additional IRS scrutiny go up. Schedule C is a treasure trove of tax deductions for self-employed people.
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2 months ago | 
kiplinger.com | Joy Taylor
Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from our highly experienced team (Get a free issue of The Kiplinger Tax Letter or subscribe).
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Jan 24, 2025 | 
kiplinger.com | Joy Taylor
Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from our highly experienced team (Get a free issue of The Kiplinger Tax Letter or subscribe). You can only get the full array of advice by subscribing to the Tax Letter, but we will regularly feature snippets from it online, and here is one of those samples…Congress works best when there is a deadline.
