A tax credit allows you to deduct a certain amount of money from the taxes you owe. It differs from a tax deduction, which allows you to reduce your taxable income. Tax credits are...
Posted by Rosovich & Associates, Inc. on 06/24/2021
It is no longer possible for the 2018-2025 fiscal years to claim accidental loss and personal property theft as itemized deductions unless your claim is declared as a federally declared...
Posted by Rosovich & Associates, Inc. on 02/05/2021
The child tax credit is a credit that can give you up to $2,000 for each qualifying child while a qualifying dependent gets $500. It is a refundable tax credit that diminishes when...
Posted by Rosovich & Associates, Inc. on 12/19/2020
Many older children these days now look after and take care of their aged parents. Unknown to many; however, Uncle Sam can reward you in the form of tax credit for such care to reduce...
Posted by Elliot Kravitz, ATP on 06/24/2021
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
