When is the perfect time to give birth to a child during a tax year so as to claim that child as dependent on your tax return? You might be amazed by the answer: but anytime during...
This is a form of savings account in which the owner gets some type of tax advantage. The employer can establish a flexible spending account or flexible spending arrangement for its...
Investing in rental real estate can provide investors with a constant income stream that covers the mortgage and, at the same time, provides additional income each month; when these...
Unknown to many people, the proceeds from selling a house might be taxable. However, this article sheds light on the mode of operation and simple ways to avoid ending up with a huge...
A qualified tuition program, also known as section 529 plans, is an impressive way to prepare to take care of your college finances. What is a Qualified Tuition Program?A qualified...
We have seen that the stock market has hit several new highs in recent months. This is in addition to the fantastic bull market that ran for more than ten years before the rapid coronavirus...
The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...
The Internal Revenue Service (IRS) recently released annual tax inflation adjustments for 2021 for more than 60 allowances, including tax rate schedules, standard deductions, itemized...
Posted by Rosovich & Associates, Inc. on 12/31/2020
The child tax credit is a credit that can give you up to $2,000 for each qualifying child while a qualifying dependent gets $500. It is a refundable tax credit that diminishes when...