2021 was a special year for the CTC (Child Tax Credit). In 2022, the credit returns to the previous rules: it will be smaller, partially refundable, and no longer available to low-income...
Posted by Income Taxes and Bookkeeping LLC on 07/01/2022
You may be familiar with tax credits, but you may also be wondering: what are refundable credits and what are non-refundable credits?What is a refundable tax credit versus a non-refundable...
Posted by Abundant Wealth Planning LLC on 06/24/2022
Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...
Posted by CORE PERFORMANCE on 03/10/2022
A tax refund is a big deal. Tax season is a time to expect extra money from old Uncle Sam if you're like many people. But could you have a lower tax refund than expected?If you're...
Posted by Dennis Jao on 02/14/2022
You know you can declare your children on the tax return as dependents. But what if you also support your parents? Can you claim them as dependents on your tax return? If you...
Posted by Abundant Wealth Planning LLC on 01/31/2022
The number of unmarried couples who have lived together has increased over the years. While living with your partner might seem like a great way to cut costs, have you thought about...
Posted by Abundant Wealth Planning LLC on 10/19/2021
There are many ways you can reduce what you will have to pay to Uncle Sam via tax credits and deductions for single moms filing taxes. You can use various strategies to reduce the...
Posted by Dennis Jao on 06/24/2021
When is the perfect time to give birth to a child during a tax year so as to claim that child as dependent on your tax return? You might be amazed by the answer: but anytime during...
Posted by Rosovich & Associates, Inc. on 03/26/2021
What is a dependent?A dependent is a qualified person other than the taxpayer or spouse, who gives the taxpayer the right to request a dependency exemption on their income tax return....
Posted by Income Taxes and Bookkeeping LLC on 02/10/2021
