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 …
Tax Credit
Video Tip: A Quick Look into Higher Education Tax Credits
Higher Education Tax Credits can help offset the expensive cost for college and other learning institutions. Do you have a student attending university? Or perhaps your child is soon graduating from high school? Either way, you may want to learn more about these federal tax credits that can help. In this video, we will discuss …
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Don’t Miss Out on All The Extra Tax Credits
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance for lower-income taxpayers, to stimulate employment, and to stimulate certain investments, among other things. Tax …
Great News, Child Care Tax Credit Extended For 2021
If you haven’t heard, the Child Care Tax Credit was extended through 2021. Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Details …
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Big Increase in Child Tax Credit for 2021
An increase in child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package will provide lower-income parents with substantial financial assistance and supports various other efforts to stimulate the economy. It’s known as the American Rescue Plan Act, and was passed by …
Special Rules Apply to 2020 EITC and Child Credit
2020 EITC and Child Credit must now follow special rules. Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) will be adversely affected. Since the credits, are based in part on …
Solar Tax Credit Extended for Two Years
The solar tax credit extension is great news for homeowners looking to use green power. Now, the federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The credit for 2021 and 2022 is 26% of the cost of the solar installation. This credit drops to …
Business Relief: The Employee Retention Credit Extended
Employers are seeing some much needed relief now that the the Employee Retention Credit has been extended. The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020 to help businesses. The credit helps employers retain their workers by keeping them employed during the COVID-19 crisis. As part of the …
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The Solar Tax Credit Is Fading Fast
Sadly, the solar tax credit is sunsetting soon. This federal tax credit was for the purchase and installation costs of a residential solar system. It started as 30% of the cost for several years through 2019. Then the credit dropped to 26% of the cost in 2020. The tax credit will be over in 2021, …
