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Credits You Can Claim in the Absence of Personal Exemptions

Credits You Can Claim in the Absence of Personal Exemptions

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...

Posted by Income Taxes and Bookkeeping LLC on 01/12/2021

Winchester IN Tax Pro for Absence of Personal Exemptions Tax Preparer for Exemptions Find a Tax Accountant for Personal exemptions TCJA Head-Of-Household Earned Income Tax Credit EITC Education Tax Medical Expenses
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IRS issues inflation adjustments for 2021

IRS issues inflation adjustments for 2021

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

Floral Park NY Tax Pro for 2021 Inflation Adjustments Tax Preparer for Inflation Adjustments Minimum Additional Tax Standard Deductions TCJA Marginal Tariffs Adoptions Alternative Minimum Tax Exemption Estate Basic Exclusion Amount Foreign Inco
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How To Claim Tax Breaks For Your Dependent Parents

How To Claim Tax Breaks For Your Dependent Parents

If you are one of those persons who supported your parents financially in the previous year, the U.S government is willing to share the cost by providing certain deductions when you...

Posted by Tucker Accounting Services LLC on 12/21/2020

Newport News. VA Tax Pro for Dependent Parents Tax Preparer for Dependent Parents Exemption Publication (501) 1040 104A Form 2120 Adult Daycare Medical Expenses
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IRS Provides S Corporation Exemption, QIP Rules for GILTI and FDII

IRS Provides S Corporation Exemption, QIP Rules for GILTI and FDII

The IRS issued guidelines on September 1 (Notification 2020-69) that provide an exemption for S Corporation with AE&P (accumulated earnings and profits) after a C corporation...

Posted by BEST FINANCIAL GROUP LTD on 11/30/2020

Des Plaines IL Tax Pro for S Corp Exemption Tax Preparer for QIP Rules for GILTI & FDII Find a Tax Accountant for S Corp Exemptions AE&P QIP GILTI FDII Section 951 Chapter F Section 951A S Corp AAA CFC Form 1120-S QBAI ADS TCJA CARES
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New Participation Exemption System for the Taxation of Foreign Income Under the Tax Cuts and Jobs Act

New Participation Exemption System for the Taxation of Foreign Income Under the Tax Cuts and Jobs Act

The participation exemption system will allow the United States to transition to a quasi-territorial system that will effectively replace the current external tax credit system. Under...

Posted by Aurelia E Weems CPA on 11/17/2020

Conroe TX Tax Pro for Exemption of Foreign Income Under TCJA Tax Preparer for Foreign Income TCJA Section 245A DRD Article 1248 FTC Section 904(a) GILTI
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Personal Exemptions No Longer Deductible

Personal Exemptions No Longer Deductible

Tax preparation is a sore spot for many people. It is hard work that requires many intricate details. Sadly, the rules change without prior notice from the government and for many...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 11/09/2020

Jacksonville FL Tax Pro for Personal Exemptions Tax Preparer for Deductions Find a Tax Accountant for Personal Exemptions Tax Reform Filing Status
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Premium Tax Credit

Premium Tax Credit

Due to the Affordable Care Act (ACA), millions of Americans are entitled to a premium tax credit that helps pay for health coverage. This question and answer explain who qualifies...

Posted by Abundant Wealth Planning LLC on 10/15/2020

Mountainside NJ Tax Pro for Premium Tax Credit Tax Preparer for Premium Tax Credit Tax Accountant for Zeroing of Personal Exemptions ACA Section 151 Section 36B
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Student Loan Interest Rates

Student Loan Interest Rates

Student loan rates are among the lowest we have ever seen in history. However, while the rates may seem attractive, there are still a few things to consider before taking out a student...

Posted by Dennis Jao on 10/01/2020

Brea CA Tax Pro for Student Loan Interest Tax Preparer for Student Loan CARES Act Find a Tax Accountant for Student Loan Tax Prep Interest Direct Plus Loans Exemption Options COVID-19 CARES Act
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Exemptions and Self-Certification: the 60-day renewal rule

Exemptions and Self-Certification: the 60-day renewal rule

A person who receives a distribution from a qualified 401 (k) plan, a retirement benefit, or participation or an individual retirement account (IRA) may defer recognition of taxable...

Posted by A+ Income Taxes on 02/27/2020

Las Vegas Nevada Exemptions and Self-Certification Find A Tax Preparer Tax Professional
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