Article Highlights: Credit History Credit Percentage and Annual Credit Limit Per Item Credit Limit Home Energy Audit Identification Number Requirement Other Credit Issues Tip To Maximize The Credit This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to […]
Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. […]
Article Highlights: Non-statutory Option Wage Income Statutory (Incentive) Options Capital Gains Alternative Minimum Tax Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock […]
Article Highlights: Form W-2 Form W-2G Form 1099-G Form 1099-MISC Form 1099-DIV Form 1099-INT Form 1099-B Form 1099-S Form SSA-1099 Form RRB-1099 Form 1099-R Form 1098-T Form 1095-A Form 1099-NEC Form 1099-K Schedule K-1 With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived […]
All of us dream of one day being able to retire – to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you’ll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear […]
You’d be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it’s absolutely something that you’re supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life […]
Article Highlights: Child Tax Credit Dependent Care Benefits Recovery Rebates Employee Retention Credit Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress and many state governments provided tax […]
Article Highlights: Child Tax Credit Earned Income Tax Credit Head of Household Filing Status Child Care Education Savings Plans Education Tax Credit Education Loan Interest Child’s Medical Expenses If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status […]
March 2023 Individual Due Dates March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA […]
Article Highlights: Background Qualifications Income Limit 4-wheel vehicle Street Vehicle Minimum Battery Capacity Acquired for Original Use Final Assembly MSRP Critical Mineral and Battery Components Seller Provided Report List of Qualifying Vehicles Transfer of Credit to the Dealer Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress […]