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Investment Interest Expense Deduction to Expect in 2021

Investment Interest Expense Deduction to Expect in 2021

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

Floral Park NY Tax Pro for Interest Expense Deduction Tax Preparer for Expense dduction TCJA 1040 Investment Interest Investment Income Capital Gains Form 4952 Standard Deduction
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Foreign Housing Deduction and Exclusion

Foreign Housing Deduction and Exclusion

Uncle Sam is not alien to the stress and predicament that comes with living and moving abroad. One cannot compare the cost of living, and in a bid not to discourage Americans who would...

Posted by Unifirst Financial & Tax Consultants on 01/13/2021

Herndon VA Tax Pro for Foreign Housing Tax Preparer for Foreign Housing Deduction Foreign Housing Allowance FEIE Deduction Limits Housing deduction for Self Employed Income Exclusion Form 2555
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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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Taxable and Non Taxable Income

Taxable and Non Taxable Income

Nontaxable Income One needs to know which income will not be subjected to taxes. Taxes should only come from taxable income, making it essential to remove nontaxable income from...

Posted by Daniel P Vigilante CPA and Profit Consultants on 01/07/2021

Morris Plains NJ Tax Pro for Taxable & Non Taxable Income Tax Preparer for Income Welfare Benefits Taxable Income Non-Taxable Income Work-Related Income Interest on Savings Personal Allowances Tax Reliefs Tips Bonuses Self-Employment Profit
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Understanding Net Interest Income

Understanding Net Interest Income

Net interest income can be referred to as a financial performance that shows the difference between the revenue from the interest-bearing assets of a bank alongside the expenses that...

Posted by Stevenson Tax and Accounting, Inc. on 01/07/2021

Algonquin IL Tax Pro for Net Interest Income Tax Preparer for Interest Income Interest Income Investment Banking
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Qualified Business Income (QBI) Deduction

Qualified Business Income (QBI) Deduction

The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...

Posted by Schneiderman and Friedman on 12/28/2020

New York NY Tax Pro for QBI Tax Preparer for Qualified Business Income Deduction Find a Tax Accountant for QBI QBI REIT PTP Schedule k-1 TCJA Section 199A form 8995 Form 8995-A C Corps SSTB
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Understanding The Differences in Passive & Non-Passive Activities and Examples

Understanding The Differences in Passive & Non-Passive Activities and Examples

Uncle Sam defines passive activities as a business venture you are not actively involved in. For the purpose of tax, income can be grouped into two categories according to the IRS...

Posted by Abundant Wealth Planning LLC on 12/26/2020

Mountainside NJ Tax Pro for Passive Activities Tax Preparer for Passive Income Passive Activity Find a Tax Accountant for Passive Activity
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What Is Supplemental Security Income (SSI)? Who Is Eligible?

What Is Supplemental Security Income (SSI)? Who Is Eligible?

Supplemental Security Income is a program by the Federal government to provide extra income for disabled and seniors in the United States who have little or no income. With this program,...

Posted by Daniel P Vigilante CPA and Profit Consultants on 12/26/2020

Morris Plains NJ Tax Pro for SSI Tax Preparer for Supplemental Security Income SSI
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Tip Money is Taxable Income

Tip Money is Taxable Income

For people in the line of work where they receive tips typically, money is an essential part of their income. The internal Revenue Service, however, makes it compulsory that tip...

Posted by Fred Lake on 12/25/2020

Ponchatoula LA Tax Pro for Tips Income Tax Preparer for Declaring Tips Find a Tax Accountant for Employee Tips Form 4070 W-2 Form 4137 form 8027 Tips FICA
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