There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in exchange for their employer making equivalent cash payments to qualified...
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship...
Home Tax Deductions "Mortgage Interest" - New tax law imposes a lower dollar limit on mortgage qualifying for home mortgage interest deduction. Starting this year taxpayers may only deduct interest on $750,000 of qualified residence loans. This is down from the...
K-12 education - 2018 changes allows distributions from 529 education savings account plans to be used to pay up to a total of $10,000 of tuition per beneficiary each year at an elementary or secondary (k-12) public, private or religious school of your choice. Tuition...
Many owners of sole proprietorships, partnership, trusts and S corporations could get to deduct up to 20 percent of their qualified business income. The new tax deduction for owners is referred to as Section 199A deduction which was created by the Tax Cuts and Jobs...
Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: 1. Your...