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...
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
The year 2020 is almost winding up, and many people will never forget the year and its effect. I am sure the entire human race will do anything not to have a year like 2020 nor have...
Uncle Sam recently announced the 2021 tax rate in a bid to take care of inflation. The top tax rate will be at 37% for 2021 tax returns filed by taxpayers in the year 2022. However,...
Most taxpayers will give anything to reduce what they eventually send to Uncle Sam. An effective way to significantly bring down your tax bill is to be smart and wise about the deductions...
Posted by Don Bell Law on 12/15/2020
The standard deduction can help you deduct thousands of dollars from your taxable income. What is it, and how do you claim it?It is never too late to start thinking about how you plan...
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Growing old is a price we all have to pay. We might prefer to be young forever, but we don't have much say about that. However, the bright side is that being an elder comes with...
Posted by Larry Kenneth Hurt on 07/16/2020
Itemized deductions are tax deductions you receive for various expenses incurred during the year. They can sometimes exceed the standard deduction, which means that specifying the...
Posted by Don Bell Law on 06/11/2020