The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed
Category Archives: AGI (Adjustable Gross Income)
New law: Parents and other eligible Americans to receive direct payments
March 16th, 2021 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), American Rescue Plan Act, Child Tax Credit, Income Tax
Tags: Dependents, Form 1040, Income, Recovery Rebates
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals.
Estimated tax payments: The deadline for the first 2021 installment is coming ups
March 8th, 2021 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Annualized Income Method, Capital Gains, Income Tax, Tax, Tax Deadlines, Tax Planning
Tags: April 15th, Quarterly Estimated Tax Payments, Tax Liability
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one.
Didn’t contribute to an IRA last year? There still may be time
February 25th, 2021 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Contributions, IRA, Roth IRA
Tags: Nondeductible Roth, Phaseout, T, Tax-Deferral Advantages, Tax-Free
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it.
The COVID-19 relief law: What’s in it for you?
January 6th, 2021 by Douglas Freeman
Posted in (CAA) Consolidated Appropriations Act of 2021, (COVIDTRA) Covid Tax Relief, (TCDTR) Taxpayer Certainty & Disaster Tax Relief Act, AGI (Adjustable Gross Income), Charitable, Deductions, Medical Deductions
Tags: Electric Vehicles, Energy Tax Credit, Recovery Rebates
Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR).
What tax records can you throw away?
October 14th, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Federal Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Investment, Retirement, Statute Of Limitations, Tax Record Retention
Tags: Federal Tax Records, real estate, Social Security Benefits, State and Local Tax Records, W-2
The general rules. At a minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years after you file your return.
Some people are required to return Economic Impact Payments that were sent erroneously
June 30th, 2020 by Douglas Freeman
Posted in (GAO) The U.S. Government Accountability Office, AGI (Adjustable Gross Income), COVID-19, Economic Impact Payment (EIP), Internal Revenue Service
Tags: Deceased Individuals, Deceased Spouse, Incarcerated Individual, Notice 1444
The IRS says some payments were sent erroneously and should be returned. For example, the tax agency says an EIP made to someone who died before receipt of the payment should be returned
Seniors: Can you deduct Medicare premiums?
June 9th, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Deductable Expenses, Deductions, Health Care, Health Care Insurance, Income Tax, Insurance, Medical Deductions, Medicare Premium Tax Deduction, Medicare Taxes, S Corporation, Self Employed
Tags: Medigap Insurance, Senior Citizens, Seniors
Tax deductions for Medicare premiums. You can combine premiums for Medicare health insurance with other qualifying health care expenses for purposes of claiming an itemized deduction for medical
A nonworking spouse can still have an IRA
June 2nd, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Contributions, Income Tax, Investment, IRA, Retirement, Roth IRA, Tax
Tags: Catch-Up IRA Contributions, Married Couple, Non Working Spouse, Spouse IRA, Tax-Free
Under the spousal IRA rules, the amount that a married couple can contribute to an IRA for a nonworking spouse in 2020 is $6,000, which is the same limit that applies for the working spouse.
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