With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC), thanks to three big changes:
With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC), thanks to three big changes:
If you are married, most likely you’ve always filed a joint tax return with your spouse.
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The American Rescue Plan Act of 2021 (ARPA) makes major, but temporary, changes to the federal income tax child and dependent care credit (CDCC).
For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return.
These temporarily expanded tax credits include the child tax credit, the dependent care credit, and the health insurance premium tax credit.
The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021.
That’s thanks to liberalizations included in the American Rescue Plan Act of 2021 (ARPA). Some of the favorable changes are only for the 2021 tax year. Others are permanent.
Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax.
For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always a great idea. Here's why.
Disasters such as storms, fires, floods, and hurricanes damage or destroy property.
If property such as an office building, rental property, business vehicle, or business furniture is damaged or destroyed in a disaster, your business may qualify for a casualty loss deduction.
It’s easier to deduct business casualty losses than personal losses, but the rules are complex.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020.