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Veterans owed refunds for overpayments attributable to disability severance payments should file amended returns to claim tax refunds The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to […]
Veterans owed refunds for overpayments Read More »
It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management.
Don’t Let the Kiddie Tax Play Costly Games with You Read More »
Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the
Put More Money Into ABLE Accounts Read More »
Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible.
Deducting Home Equity Interest Under the Tax Cuts and Jobs Act Read More »
The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.
Inflation Adjustments Under Recently Enacted Tax Law Read More »
Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015 U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service.
Combat Zone Tax Benefits Read More »
The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. Here are some details that every family should know.
Child Credit to Get Even More Valuable Read More »
The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts.
Dynasty Trusts More Valuable Than Ever Read More »
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law.
Popular Tax Benefits Retroactively Renewed for 2017 Read More »
The earned income tax credit is a benefit for working people with low and moderate incomes. To qualify, taxpayers must meet certain requirements and file a tax return, even if they don’t owe any tax or aren’t required to file.
The Earned Income Tax Credit Read More »