Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, …
Tax Central
Congress Green-Lights Some Alternative Vehicle Credits
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which includes a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. …
Congress Green-Lights Some Alternative Vehicle CreditsRead More
Congress Extends Employers’ Hiring Tax Credit For Another Year
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. This included extending employers hiring tax credit for an additional year. This article is one of a series of articles dealing with those changes and how they may affect you. Employers that hire …
Congress Extends Employers’ Hiring Tax Credit For Another YearRead More
Childbirth And Adoption Penalty Exception Added
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. The Act included retroactively extending certain tax provisions that expired after 2017 or were about to expire. One of the exceptions added was a childbirth and adoption penalty. This article is one of …
New Twist For Kiddie Tax With A Refund Opportunity
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017. One of these changes is about how children are taxed on income – known as the Kiddie Tax. This article is one of …
Did You Pay Tax On Home Mortgage Debt Relief In 2018? You May Be Entitled To A Refund.
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020. This Act included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017. The Act also included a number of retirement and IRA plan modifications, among other changes. This article is one of a series …
Did You Pay Tax On Home Mortgage Debt Relief In 2018? You May Be Entitled To A Refund.Read More
The Home Energy Saving Tax Credit Is Back
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions. These tax provisions included laws that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will …
Mortgage Insurance Premium Deduction Retroactively Extended
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. These included retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion …
Mortgage Insurance Premium Deduction Retroactively ExtendedRead More
Above The Line Education Tax Deduction Reinstated
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. Among them include the retroactive extension of certain tax provisions that expired after 2017 or were about to expire, several retirement and IRA plan modifications, and other changes that will, as a whole, …
