It's hurricane season! Did you know many taxpayers affected by disaster situations qualify for tax relief? When the President declares a federal disaster, the IRS issues a disaster announcement. The a...
Credits/Deductions
If you are considering updates to your U.S. based home, you may consider taking advantage of the Residential Clean Energy credit which is 30% of the costs from now through 2033. Eligible property incl...
Electric vehicles (EVs) aren’t new; they debuted in 2008 and retail sales blossomed with the release of the Nissan Leaf and Chevy Volt in 2010. The Energy Improvement and Extension Act of 2008 creat...
Outstanding student loan debt is estimated to be $1.7 trillion. Many borrowers struggle to repay their debt. There are various repayment programs to help restructure loan in order to ease the burden. ...
As wages pick up and the Federal Reserve tapers down (it buys fewer Treasuries), the rate of inflation has climbed to levels not seen in many years. The consumer price index was up 5.4% for the 12 mon...
According to the Social Security Administration, as of June 2021, there were a total of nearly 70 million people receiving Social Security benefits. These include individuals receiving retirement bene...
The American Rescue Plan Act, which was signed into law on March 11, 2021, dramatically changed the child tax credit for 2021. The law made the credit fully refundable and extended it to dependents 17...
With interest rates still very low, many homeowners have taken this opportunity to refinance their mortgages and obtain a lower interest rate. From a tax perspective, there are consequences to refinan...
In most cases, you have three years in which to submit an amended return to claim a refund of overpaid taxes. But there are situations in which you can recoup taxes paid without submitting an amended ...
Whether you prepare your return yourself (on paper or electronically) or use a paid preparer, you need information to input. Hopefully, you’ve kept great records throughout the year to simplify your...
The Consolidated Appropriations Act, 2021, made changes late in 2020 that mainly affect 2021 and later years. Some changes may impact your 2020 return; others apply for 2021 and later years. Taken as ...
In 2019, Americans gave an estimated $449.64 billion to charities and this year likely will see similar or greater donations. This is the season to be generous, especially with the added need of many ...
As a result of the pandemic, Congress has created a number of payments and programs for individuals to help them financially. If you’ve received one or more of these payments or benefited from one o...
Tax legislation—the SECURE Act in December 2019 and the CARES Act in March 2020—each contain rules impacting IRAs. Because of law changes, there is much confusion about what to do with these accou...
The worldwide pandemic—Covid-19—has changed everything…taxes included. Congress has enacted a new law (Families First Coronavirus Response Act, H.R. 6201, or “the Act”), to provide economic ...
The Further Consolidated Appropriations Act, 2020 (P.L. 116-94) retroactively reinstated dozens of expired tax breaks. Some of these breaks are for individuals, while others are for businesses. Determ...
As part of a massive year-end domestic spending package, called the Further Consolidated Appropriations Act, 2020 (H.R. 1865), numerous changes were made to retirement plans and IRAs. These changes we...
The year is winding down but there’s still time to take certain actions that can lower your tax bill for 2019. Here are 10 things you can still do: 1. Review withholding and estimated taxes I...
Fall is the time of year to choose the employee benefits you want for the following year from the options provided to you by your employer. In making your choices for 2020, understand what these optio...
Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...
