Tax Credits

/Tax Credits

2018 Tax Planning & Tips

2018-12-19T21:20:38+00:00

New Tax Laws   On December 22, 2017 President Trump signed into law the “Tax Cuts and Jobs Act” (TCJA) (P.L. 115-97). Below are some of the individual changes under the new law.  Keep in mind that some of the tax provisions of this new law are permanent, however, most of the tax provisions only apply to for tax years 2018 - 2025. Standard Deduction Increased.  For tax years beginning after December 31, 2017 and [...]

2018 Tax Planning & Tips2018-12-19T21:20:38+00:00

Top 8 Tax Breaks for Parents

2018-12-04T17:16:20+00:00

If you have children, you may be able to reduce your tax bill using these tax credits and deductions. Child Tax Credit: You may be able to take this credit on your tax return for each of your children under age 17. Qualifying dependents must have a valid Social Security Number. This credit is refundable, which means you may a refund even if you don’t owe any tax. Credit for Other Dependents: This is a [...]

Top 8 Tax Breaks for Parents2018-12-04T17:16:20+00:00

Cancellation of Debt — Insolvency

2017-11-13T18:57:43+00:00

Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent they were insolvent immediately before the cancellation. If a cancelled debt is excluded from income, it is nontaxable. Cancellation of Debt Cancellation of debt (COD) is settlement of a debt for less than the amount owed. A debt may be cancelled by a lender voluntarily or through bankruptcy or other legal proceedings and may result [...]

Cancellation of Debt — Insolvency2017-11-13T18:57:43+00:00

Happy New Year

2017-10-13T18:00:54+00:00

Once again a new year is behind us and income taxes are coming.  In this upcoming tax season of 2016, all Americans will be seeing changes on their tax returns.  Congress continues to discuss last-minute income tax bills as of the date of this letter, and you can be assured we stay abreast of all the latest changes as they occur! In addition to the tax changes, there have been a few changes in the [...]

Happy New Year2017-10-13T18:00:54+00:00

The Premium Tax Credit

2017-10-13T18:01:31+00:00

Basic Information If you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. Each year the Health Insurance Marketplace has an open enrollment period.  The open enrollment period to purchase health care insurance for 2015 ran from Nov. 15, 2014, through Feb. 15, 2015. Eligibility In general, you may [...]

The Premium Tax Credit2017-10-13T18:01:31+00:00