The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...
Posted by Rosovich & Associates, Inc. on 01/13/2021
Debt cancelation is a problem that often arises at tax time and something every taxpayer should understand. Many people are relieved to be at the end of a long debt battle, only to...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 01/07/2021
Alimony, also known as spousal support, is the money paid to a spouse to another after a divorce. The idea is to help the spouse with the lower income to take care of expenses and...
Posted by Rosovich & Associates, Inc. on 01/06/2021
The recovery rebate credit meant to cushion the COVID 19 pandemic effect is the highlight of the CARES Act. Also called Economic impact payments, it was designed to provide $1,200...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/31/2020
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
What is an FSA (Flexible Spending Account)?A Flexible Spending Account is a type of savings account that provides specific tax benefits to the account holder. An FSA sometimes referred...
Posted by BEST FINANCIAL GROUP LTD on 12/26/2020
The market value of worthless security is zero. Typical examples are bonds or stocks that are publicly traded or held privately. Such securities and other securities abandoned by the...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/26/2020
Tax legislation continually changes, with new laws and regulations springing up every time. With the South Dakota v. Wayfair case, more complications were added to e-commerce...
Posted by Rosovich & Associates, Inc. on 12/24/2020
The IRS expects that all income be reported on an income tax return and may otherwise result in financial penalties and sometimes criminal penalties. However, most penalties can be...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/20/2020
