Great-News-Child-Care-Tax-Credit-Expanded-for-2021

Great News, Child Care Tax Credit Expanded for 2021

, , , , , ,
Article 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

Tax Court Decision Holds Potential Impact for Travel Deductions

, , , , ,
  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…
Don’t Miss Out on Year-End Tax-Planning Opportunities

Don’t Miss Out on Year-End Tax-Planning Opportunities

, , , ,
Article 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…

Big Tax Breaks for Hiring Your Children in the Family Business

, ,
Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans With jobs at a premium during…

Transferring a Primary Residence to Children

, , , ,
From the FI Tax Guy How do you pass your family’s house to your children? It’s a pressing question and involves significant tax, legal, and emotional considerations. Unfortunately, it is a topic about which there is much confusion. This…

What Happens if I Missed the October 15th Tax Extension Deadline?

, ,
We’ve all been there.  Life is super busy.  We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, you realize that the October 15th tax extension…

Top 10 year-end tax planning tips

, , ,
From Accounting Today Between the upcoming presidential election and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax — which makes helping clients…

How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19

, , , ,
Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social…

IRS makes Form 1040-X amended tax returns available for e-filing

, ,
From   Michael Cohn, Editor-in-chief @ Accounting Today The Internal Revenue Service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software, in what the agency…

Watch Out for Tax Penalties

, , ,
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered…