A tax credit allows you to deduct a certain amount of money from the taxes you owe. It differs from a tax deduction, which allows you to reduce your taxable income. Tax credits are...
Posted by Rosovich & Associates, Inc. on 06/24/2021
There are several college savings plans with 529 plans as one of them. It comes with a series of tax benefits and can allow you to build your kid's college funds with time. In...
Posted by Rosovich & Associates, Inc. on 06/18/2021
Uncle Sam issued tens of millions of tax refunds every year, and every taxpayer gets an average of $2,500 tax payment. If you know how to play it well, there could be bigger tax...
Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
A small business needs to get its tax right to avoid unnecessary headache with the IRS. The idea is simple – a plain and accurate disclosure of losses, revenues and deductions...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/07/2021
Owning or managing property has many benefits that people overlook, such as the benefits of vacation rentals and tax deductions. While there are several expenses and rules to consider...
Getting a new car is an interesting process. New seats, new windows, the smell of a clean car - what's not to like about it? Buying a new car usually means getting rid of an existing...
From the title, you can tell that worthless securities are just what they are: worthless, insignificant, and meaningless. These are securities with ZERO market value and may include...
The COVID 19 relief package passed in March 2020 includes provisions valued at $2.3 million to cushion the pandemic's effect. It is called CARES Act and comes with a package for...