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Learn about the tax law provision that allows deductions for business expenses. Find out the six elements, the court interpretations, and the examples of expenses that are deductible under section 162 (a).
Learn about the tax deduction for expenses incurred in investment activities under section 212 of the U.S. Internal Revenue Code. Find out the history, scope, and examples of this provision.
Learn about the tax benefits and rules of Section 1031, which allows taxpayers to defer capital gains and income tax on the exchange of certain types of property, mainly real property. Find out how Section 1031 works, what are the requirements and exceptions, and how it differs from pre-2018 and post-2017 provisions.
Excise tax is an indirect tax on listed items, such as fuel, tobacco, alcohol, and health insurance, imposed by federal, state, and local governments. Learn about the history, types, and revenue of excise tax in the U.S.
For a complete list, consult the IRS tax policy list, which you can find on the agency’s website. Another important point: The higher your income is, the less you can deduct from your income taxes.
Learn about the tax benefit that allows taxpayers to deduct the cost of certain property as an expense, rather than depreciating it over time. Find out the eligibility, limitations, and examples of section 179 deduction.
Adjusted gross income (AGI) is an individual's total gross income minus specific deductions, used to calculate taxable income in the U.S. tax system. Learn how AGI is defined, calculated, and reported on Form 1040, and what are the common adjustments and modifications of AGI.
Learn about the federal tax deduction for state and local taxes (SALT) in the United States, its history, effects, and current cap. Find out how SALT benefits wealthy and high-tax areas and how it affects federal revenue and spending.
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taxact.com has been visited by 10K+ users in the past month
Best Tax Software for Young Adults - Money Under 30