How the Internal Revenue Service defines and calculates different types of income affects the taxes you owe. Modified adjusted gross income (MAGI) is one of them. MAGI also decides...
Posted by Pat Raskob on 08/11/2022
Since 1996, parents and guardians in America have been eligible for adoption assistance in the form of tax credits and adoption assistance programs after several interest groups began...
Posted by Taxes Made EZ Inc on 02/22/2022
There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...
Posted by KLSM CPA Firm PLLC on 02/09/2021
Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...
Posted by CORE PERFORMANCE on 03/10/2022
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...
Posted by Tucker Accounting Services LLC on 02/22/2021
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...
Posted by Carmen Garcia on 01/07/2021
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
Posted by Tim Thompson CPA PLLC on 09/15/2020
While the separate filing of tax is a good idea and comes with its advantages, filing jointly brings about significant tax breaks in addition to being a simple method. We compiled...
Posted by Carmen Garcia on 08/24/2020
Tax Day 2020 is Wednesday, April 15 and before you even know it, it’s already here. We all know that one of the most stressful days for most Americans is tax time and that’s...
Posted by Larry Hurt on 04/27/2020
