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Wondering who gets to claim the children’s tax benefits if you are a divorced or separated parent? While the question is common, the answer of who claims the child or children for tax purposes is often misunderstood. Often this is a hotly disputed issue between parents. However tax law includes specific but complicated rules about …
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?Read More
Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify. For the first time Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers. But first a little background. Prior to …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!Read More
The IRS is gearing up to go after abusive ERTC claims. Have you seen those ads on television promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the …
The Increased Child Tax Credit is available through the end of 2022. This article explains the increased allowances and who qualifies to receive it. The American Rescue Plan Act of 2021 was a $1.9 trillion bill passed by Congress to stimulate the U.S. economy as the country emerges from the pandemic. Included in that legislation …
Are You Missing Out On The Increased Child Tax Credit?Read More
The federal solar tax credit for the purchase and installation costs of residential solar-power systems is back! The Inflation Reduction Act signed into law by President Biden on August 16, 2022 provides new guidelines as well. This includes allowing batteries to also qualify for the credit. What is the Solar Tax Credit? The solar tax …
Considering purchasing an electric vehicle and expect to receive federal electric vehicle credits along with the purchase? Be sure to do your homework first. There is a phaseout based on a manufacturer’s sales of electric vehicles that impacts the credit available to the purchasers of the vehicles. Many popular manufacturers like Tesla and General Motors …
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 …
Should You Opt Out of The Advance Child Tax Credit?Read More
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
Congress Terminates the Employee Retention Credit EarlyRead More
If you are looking for tax breaks for grandparents, you are not alone! More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent. This accounts for approximately 9% of all children …
