Understanding Casualty and Theft Deductions Under TCJA for Federally Declared Disasters
From 2018–2025, personal casualty or theft deductions generally require a federally declared disaster; qualified disasters use a $500…
Understanding Charitable Contributions: What Qualifies and What Doesn’t
Confirm charity status, keep bank records and contemporaneous acknowledgments for gifts of $250+, use Form 8283 for non-cash…
Permanent $750,000 Acquisition Debt Limit Enacted for 2026 Onward Under OBBBA
Acquisition indebtedness interest is deductible within caps: $750,000 for post-12/15/2017 loans and $1,000,000 for older loans. OBBBA makes…
2025 SALT Deduction Cap Rises to $40,000 for Most Filers
In 2025 the SALT cap rises to $40,000 ($20,000 if married filing separately). You can deduct either state…
Understanding Medical and Dental Expenses Deductions for 2024: What Qualifies
You can deduct medical expenses actually paid during the tax year that exceed 7.5% of AGI; eligible items…
Nondeductible Expenses List: What IRS Rules Say About Personal Costs
The IRS, as of September 3, 2025, continues to bar deductions for most personal expenses unless they are…
When Schedule A Itemizing Beats the Standard Deduction for 2024 Returns
For 2024 returns (filed in 2025), taxpayers should compare the standard deduction ($14,600 single; $21,900 HOH; $29,200 MFJ)…
New 2025 Standard Deduction: Rates, Add-Ons, and Who Qualifies
2025 standard deduction amounts rise to $15,750 (Single), $23,650 (HOH), and $31,500 (MFJ), with larger age/blind add-ons and…
Comparative Taxation of Trusts and Political Donations: India vs USA
India grants tax exemptions for registered public trusts and allows deductions for non-cash political donations, while private trusts…
Country-Wwise Impacts of U.S. Visa and Tariff Policy on India and Partners
Higher U.S. visa fees, long interview waits and a DHS proposal to cap student stays are squeezing Indian…
Impacts of Trump Policies on Immigration, Visas, Jobs, Tourism, and Tariffs in 2025
Fixed four-year admission periods for student visas, a $250 Visa Integrity Fee from October 1, 2025, and an…
Alimony: Definition, Qualifying Criteria, and Exclusions Explained
Post-2018 divorce instruments: alimony nondeductible for payers and not taxable to recipients. Pre-2019 instruments generally follow old deduct-and-include…
TCJA Suspension: Moving Expense Deduction Rules and Military Exception
Moving expense deductions are unavailable to civilians through 2025 and permanently repealed for non-military taxpayers from 2026; active-duty…
2024 Educator Expense Deduction Rules and Qualified Expenses Explained
The Educator Expense Deduction stays at $300 and the Student Loan Interest Deduction remains up to $2,500 for…