Everyone dreams of owning a home, especially if they’ve got a family. This explains why a mortgage is the most significant financial transaction most people undergo in their...
With many tax benefits available for education, it is evident that the government is interested in making higher education open and more accessible for many people. It can be...
Uncle Sam advises all taxpayers, which involves individuals and businesses, to estimate their accounting period in a year referred to as a tax year. Although, It is generally agreed...
Some profound tax changes came around in Jan 2018 with the passing of the Tax Cuts and Jobs Act (TCJA). As a result of this law, the personal exemption was suspended till 2025. It...
The government recently agreed on the details of a $900 billion coronavirus bill attached to a $ 1.4 billion omnibus that will fund the government for fiscal 2021. Congress also voted...
People that do not have health insurance in 2020 will not be subjected to a penalty. Taxpayers need not report their health insurance on their return except either you or a member...
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 Federal Fuel Tax Credit is a program that allows businesses to reduce their taxable income dollar by dollar-based on specific types of fuel costs. The fuel tax credit encourages...
Tax credits, such as elderly tax credit and the disabled, are credits applied to taxes owed. For example, if you owe $2,000 in taxes and have a loan of $700, you only have to pay $1,300....