Tax Deductions Without Itemizing
2020 Tax Laws, 2021 Due Dates, Deductions, Health Savings Accounts, Tax Planning, Tax TipsArticle Highlights:
Charitable Contributions
Educator Expenses
Performing Artist Expenses
State and Local Government Officials’ Expenses
Health Savings Account Contributions
Moving Expenses for Members of the Armed Forces
…
Don’t Miss Out on Tax Credits
2021 Tax Laws, Deductions, EITC, Tax Credits, Tax News, Tax Planning, Tax TipsArticle Highlights:
Non-refundable vs. Refundable Credit
Childcare Credit
Earned Income Tax Credit
Child & Dependent Tax Credit
Saver’s Credit
Vehicle Tax Credits
Adoption Credit
Residential Energy-Efficient…
You Can Expense Business IT Purchases
2021 Tax Laws, Deductions, Tax Planning, Tax Tips, TaxesArticle Highlights:
Depreciation
Material & Supply Expensing
De Minimis Safe Harbor Expensing
Routine Maintenance
Bonus Depreciation
Section 179 Expensing
Thanks to some very liberal tax laws written to encourage investment…
Great News, Child Care Tax Credit Expanded for 2021
2021 Tax Laws, ARPA, Deductions, Tax Credits, Tax News, Tax Planning, Tax TipsArticle Highlights:
American Rescue Plan Expanded
One-Year-Only Change
Refundability
Child Care Expenses
Credit Percentage
Maximum Credit
Credit Phaseout
Employer-Provided Dependent Care Assistance
Great news if…
Tax Court Decision Holds Potential Impact for Travel Deductions
2021 Tax Laws, Deductions, Tax News, Tax Planning, Tax Tips, Taxes
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax…
Big Tax Break for Adoptive Parents
DeductionsIf you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that are directly related to the adoption of a child under the age…
What Does a Tax Deduction Save You?
DeductionsTaxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized,…
Congress Green-Lights Some Alternative Vehicle Credits
Deductions, Electric VehiclesTo encourage U.S. taxpayers to move away from gasoline-powered motor vehicles, over the years, Congress has provided various tax credits for purchasing electric or alternative fuel vehicles.
These credits generally come with an expiration…
Mortgage Insurance Premium Deduction Retroactively Extended
Deductions, MortgageOn December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number…
Congress Allowing Higher Medical Deductions for 2019 and 2020
2020 Tax Laws, Deductions, Medical ExpensesOn December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement…