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
Tax credits, such as elderly tax credit and the disabled, are credits applied to taxes owed. For example, if you owe $2,000 in taxes and have a loan of $700, you only have to pay $1,300....
Posted by Don Bell Law on 01/01/2021
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
Come tax season, your ultimate goal when it comes to filing your return is to maximize your tax savings. There are several ways to do this both throughout the year with investment...
Posted by Accurate Books And Tax on 12/03/2020
If you or your family members have ever been to the hospital or had other expensive medical or dental bills, keep these receipts as they can help you lower your taxes. You can use...
Posted by Abundant Wealth Planning LLC on 11/30/2020
Anyone that uses funds from a medical saving account or health savings account like an Archer or Medicare MSA, with the firm that administers it must reflect this in Form 1099-SAThere...
Posted by Aurelia E Weems CPA on 11/25/2020
People could deduct all kinds of crazy expenses from their tax returns, like the depreciation on ostriches and the cost of clarinet lessons. And yes, people have been successful in...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 11/17/2020
The medical expense deduction is large enough to cover pregnancy tests, braille books, and smoking cessation programs. However, it doesn't cover everything you pay to stay healthy....
Posted by Carmen Garcia on 11/09/2020
One of the tax reforms from the 2017 TCJA is a tax credit for all businesses. These are businesses that make available medical or paid leave to employees.Information About the Credit IRC...
Posted by Aurelia E Weems CPA on 11/09/2020
