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 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...
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...
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...
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...
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...
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...
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