If you're inheriting a relative's home, President Biden's plans to eliminate the stepped-up basis tax rule should be of concern to you. You may have seen bits of news on...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/27/2021
For tax purposes, a dependent is any other qualifying person asides from the taxpayer or their partner that makes the taxpayer eligible to claim an exemption due to dependency on their...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/17/2021
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
There is a way you can deduct the medical expenses of another person, even if the person is not under the same roof as you. This is a tax break that many do not utilize, especially...
Posted by Carmen Garcia on 10/29/2020
The I.R.S. has issued final regulations that clarify a qualified relative's definition within the meaning of various provisions of the Code for fiscal years 2018-2025. The final...
Posted by Flynn Financial Group Inc on 10/21/2020
Caregivers, workers who perform in-home services, for disabled individuals and the elderly work under special tax rules. When a caregiver is employed, it is seen that he/she works...
Posted by Dennis Jao on 09/28/2020
Dependents Explained A dependent can be a qualified child or a qualifying relative with a status determined by the Internal Revenue Code (IRC) tests. To qualify for dependent...
Posted by Aurelia E Weems CPA on 09/14/2020
Want to reduce your tax burden? Learn what the term ‘dependents’ mean as defined by the IRS. You will be happy to know that you can save up to $4,000 income tax for...
Posted by Financial Balance LLC on 01/04/2016
After computation of creditable foreign income taxes, next step is to compute foreign tax credit limitation. Example: USAco has U.S source income = 200 Foreign source taxable...
Posted by The Accounting and Tax on 12/18/2015
