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...
Treatment of distributions to persons placed on active service for at least 179 days (article 72(t) of the code)Under the current law Under current legislation, a taxpayer who...
The Health Coverage Tax credit is a program funded by the Federal Government to assist people classified as displaced workers by the Department of Labor, US, and people benefiting...
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...
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...
One of the more intricate provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation of business interest expenses. At first glance, this limitation seems simple, but the...
Taxpayers use form 3903 to deduct moving expenses involved in a new job. This deduction, however, is no longer applicable to all taxpayers. A couple of years ago, Uncle Sam came up...
A type of fringe benefit offered to employees of a certain business is an employee stock purchase plan (ESPP). The business allows the employees’ option to purchase the company’s...