Formerly known as the retirement savings contribution credit, the saver's credit offers a special tax reduction for low and modest-income taxpayers who save for their retirement....
Uncle Sam gives taxpayers the allowance to reduce their tax bill with a credit for adoption expenses that qualifies provided one meets some qualification requirements. Form 8839...
The average Americans do find it challenging to know which of the tax credit they can utilize. Yet, tax credits are essential as they provide an easy way of reducing the overall tax...
The adoption credit is a nonrefundable tax credit, which means that the tax credit amount is limited to taxes due on your 2020 income tax return. Any additional credit value can be...
The law on coronavirus aid, relief, and economic security Acts (the CARES Acts) contains a provision for the exemption of companies known as employee retention credit, a refundable...
Posted by Freddie Cook, CPA on 06/22/2020
In 2018, for all qualifying adoption expenses up to $13,810 taxpayers can receive a tax credit. The maximum credit is indexed for inflation. Up to the same limit as the credit, taxpayers...
Posted by Flynn Financial Group Inc on 06/04/2019
As is the case every year there are some changes in tax filing regulations and guidelines this year, including an increase in the estate tax exemption, and an increase of about 0.4...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 02/12/2018
Earned income tax credit (EITC) is a subsidy of sorts for people belonging to low-income groups. The tax credit equals a standard percentage of income, right from the first earned...
Posted by Joseph J. Gormley CPA on 03/08/2017
When it comes time to expand your family, adoption can be a viable option to make that situation a reality. However, it can also be an expensive process that may take several years...