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Wondering about the child tax credit and what’s coming next? The last deposit date for the child tax credit payment was December 15, 2021. Many had hoped the American Rescue Plan (ARP) would be continued into 2022. But political leaders are struggling to find a way to make Congress happy. As a result, many families …
Questioning if you should opt out of the advance child tax credit? If you have children under the age of 18, you might have already received your first payment. Remember: this is money you would have gotten credit for on 2021’s tax return when you file it next year. You are just receiving it in …
Is there a tax deduction for special education tuition? And how do you know if a special education school qualifies for that tax break? These questions come into our offices every year – so we wanted to share what the IRS has to say. We all know one component of itemized deductions is the cost …
Curious about how the interest paid on borrowed money? For example, if you borrow money will the interest you pay be deductible for income tax purposes? The deductibility of loaned money is complicated. And unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and depend on what the …
Have you taken a good, hard look at your bookkeeping habits lately? The beginning of the year is a perfect time to consider brushing up your bookkeeping habits. Ever found yourself shaking your head at your own process? The beginning of the year is the perfect time to correct inefficiencies and counter oversights. There’s no …
Planning on selling your company in the near future? Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work. However, of those considering …
Your new tax forms are on their way! The tax season is just around the corner. In fact, it begins January 24. Just 4 days from today. Documents reporting income, sales and other items needed for your 2021 tax return should be arriving soon. Here are some of the common tax forms to be on …
If you’re debating a reverse mortgage to free up money, this article may help. With inflation on the rise and medical care costs escalating, you may wonder what options are available for seniors to keep up with rising costs? Especially if they have a home mortgage and their retirement income is fixed. Often a fixed …
Considering how to fund an IRA for your nonworking spouse? There may be options if you qualify. One of the fallouts of the pandemic is that millions of people have left of the workforce. Women with families are taking the greatest hit of unemployment. And the worse of it is that while unemployed, these workers …
