I Can Deduct That? Cesspools, Subsidies And Summer Camp
Happy New Year! With the major changes in the income tax law, I wanted to highlight some existing provisions you might not know about or understand.
Did You Know?
| The change in the itemized/standard deductions in no way affects your ability to claim business or rental deductions. If you receive health insurance subsidies through Obamacare, you will receive Form 1095-A, used to reconcile the subsidies to your actual taxable income. You may pay more or less tax as a result. This is NOT affected by Congress’ elimination of the individual mandate, which takes effect in 2019 If you file a Rhode Island return and contributed to the State’s 529 College Savings Plan, you are eligible for a deduction from income of up to $500 or $1000 (depending on your filing status) when you file the RI return |
Many businesses are not aware of the Research and Development tax credit, available both federally and in many states (including Rhode Island and Mass). Not your garden variety credit.E-mail me early to explore.
Cesspool overflowing? If you live in Mass, you may qualify for up to $15,000 in state credits ($1,500/ year) for repair of failed systems.
If you paid for your child(ren) age 13 or under to attend day camp or after school activities, you may qualify for the Child and Dependent Care Credit.
