The earned income tax credit benefits working people with low-to-moderate income. Last year, the average credit was $2,445. EITC not only reduces the amount of tax someone owes, but may also give them a refund, even if they don’t owe any tax at all.
Personal Tax impacts everyone. Let Vernoia, Enterline + Brewer, CPA LLC help you navigate and plan.
Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility rules to make sure they still qualify. Taxpayers who haven’t qualified in the past should also check because they may …
The 199A deduction is one of the most complex parts of the 2017 Tax Cuts and Jobs Act. A couple of its features can have a big impact on retirement planning, and can allow taxpayers to deduct up to 20% of their qualified business income (QBI).
Recipients of taxable scholarships and Native American per capita distributions have been surprised with higher tax liabilities due to changes in the kiddie tax rules under The Tax Cuts and Jobs Act (TJCA).
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form.
Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.
In November 2018, the IRS announced an increase in the dollar threshold for determining who is a highly compensated employee which will affect 401(k) plan’s nondiscrimination testing.
More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. Additionally, the IRS has recently updated a special page on its website with steps to take now for the 2019 tax filing season.
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts.