There is a way you can deduct the medical expenses of another person, even if the person is not under the same roof as you. This is a tax break that many do not utilize, especially...
The I.R.S. has issued final regulations that clarify a qualified relative's definition within the meaning of various provisions of the Code for fiscal years 2018-2025. The final...
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
The EITC (earned income tax credit) is a refundable credit that applies to all taxes owed after completing the return and calculating the amount owed. The Internal Revenue Service...
Posted by Carmen Garcia on 09/14/2020
When Do You Need to Amend Your Tax Return?Filing an amended tax is a nightmare for many people. You have tried your best to be diligent with the preparation. You spend sleepless nights...
An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...
As humans, mistakes are inevitable. Although, when you arm yourself with some information, you can avoid mistakes. When you have an error on your tax, it might not trigger a full audit....
While the separate filing of tax is a good idea and comes with its advantages, filing jointly brings about significant tax breaks in addition to being a simple method. We compiled...