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
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
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
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
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
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
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
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
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
