There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...
Posted by KLSM CPA Firm PLLC on 02/09/2021
Tax relief is any policy or program from the government to reduce the taxes paid by businesses and individuals. This relief might be universal, or it could target a specific group...
Posted by Thomas G Kinsella, ATP on 02/05/2021
If you owe a US federal income tax, you can claim a foreign tax credit if you are paying income tax to another foreign country. The idea of this credit is to reduce the tendency of...
Posted by McCool's Tax Service on 01/27/2021
What are foreign tax credits?Foreign tax credits are non-refundable income tax credits paid to a foreign government because of income tax. The foreign tax credit is available for those...
Posted by Carmen Garcia on 01/26/2021
People that do not have health insurance in 2020 will not be subjected to a penalty. Taxpayers need not report their health insurance on their return except either you or a member...
Posted by Abundant Wealth Planning LLC on 01/07/2021
If you recently installed energy efficiency upgrades in your home, such as solar panels, you can get a credit for your investment. Two energy tax credits are currently available for...
Posted by CORE PERFORMANCE on 12/24/2020
Having a baby and adopting a child are joyous occasions in life. Most events such as welcoming a child have tax consequences that occur during the year that can affect your tax situation.Many...
The Coronavirus has hit the world big time, and nations around the world are scrambling to make sense of the situation. With the high infection rate of this pandemic, an effective...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 09/24/2020
While the separate filing of tax is a good idea and comes with its advantages, filing jointly brings about significant tax breaks in addition to being a simple method. We compiled...
Posted by Carmen Garcia on 08/24/2020
