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
Individuals can exclude up to $250,000 of income from capital gains tax on the sale of their primary residence, thanks to the Internal Revenue Code (IRC) exclusion of home sales. Married...
Posted by Elliot Kravitz, ATP on 06/11/2021
Marriage changes many aspects of your life. One of these is the tax filing process. Your marriage can affect your filing's status, of course, and the deductions and credits you...
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...
All employees that were fired through whatever means except their own fault qualify for unemployment insurance – a joint program between the federal and state government that...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
Before leaving the United States, all foreigners (except those listed below) must obtain a "Certificate of Compliance" from the United States Internal Revenue Service. This...