The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here...
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Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize WASHINGTON – The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more...
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Social Security wage base, COLA set for 2022 The maximum amount of an individual’s taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced. An increase from $142,800 for...
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Advance Child Tax Credit The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act. The IRS will calculate these payments based on the 2020 tax return. If that return is not available because it has not...
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Eventually, some adults find themselves providing financial support to the people who previously supported them as children (their parents). If you pay over half the costs of supporting your parent, you may be eligible for some well-deserved tax...
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The Evolution of the Employee Retention Credit The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee...
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The American Rescue Plan Act (ARPA) includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit. The changes are favorable for most taxpayers, except high-income individuals. Here’s what you...
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One of the many provisions signed into law with the American Rescue Plan Act of 2021 was a new COBRA premium subsidy that pays for 100% of the applicable premiums for eligible individuals. To comply with the law, businesses will face a few...
Read More The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Pre-ARPA...
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Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses...
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What you really want to know about Economic Impact Payments Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase...
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational...
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