Increased Tax Credits for Home Builders
Home Ownership, Tax CreditsArticle Highlights:
Contractor Developer Credit
Retroactive Extension to 2022
Increased Credit 2023 through 2032
Prevailing Wage Requirements
Qualifications
Qualifying Residential Projects
Non-Refundable Credit
Basis…
Electric Vehicle Credits Phasing Out
Electric Vehicles, Tax CreditsArticle Highlights:
Tax Credit
Credit Phase-Out
Determining the Credit
Off-Road Vehicles and Golf Carts
Allocation Between Business and Personal Use
Credit Reduces Basis
Business Standard Mileage
If you are considering…
What’s Next for the Child Tax Credit?
Tax CreditsDecember 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that…
Tax Benefits for Holiday Gifts
Tax CreditsArticle Highlights:
Electric Car Credit
Solar Electric Credit
College Student Supplies
Work Equipment
Charitable Gifts
Employee Gifts
Some holiday gifts you provide to members of your family, employees and others may…
Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit
Employees, Tax CreditsArticle Highlights:
Potential Credit
Eligible Employees
Credit Determination
Certification Process
Other Issues
The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and…
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income
2021 Tax Laws, ARPA, COVID-19, EITC, Tax Credits, Tax News, Tax Planning, Tax TipsArticle Highlights
Prior Filed Returns with Unemployment Income
American Rescue Plan’s $10,200 Exclusion
IRS Automatic Adjustment
Refund Application
When an Amended Return Might Be Required
The IRS announced on March 31,…
Special Rules Apply to 2020 EITC and Child Credit
2021 Tax Laws, EITC, Tax Credits, Tax Tips, TaxesArticle Highlights:
Employment (Earned) Income
Earned Income Tax Credit (EITC)
Child Tax Credit (CTC)
2019 or 2020 Earned Income
Credit Qualifications
Because of the pandemic, many individuals have seen…
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…
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…
Don’t Miss Out on Year-End Tax-Planning Opportunities
2020 Stimulus Package, 2020 Tax Laws, Tax Credits, Tax Planning, Tax TipsArticle Highlights:
Unemployment Benefits Taxability
To Skip or Not Skip the 2020 Required Minimum Distribution
Special Charitable Giving Opportunities
Divorced or Separated Planning Issues
Potential State Health Insurance…