HIDDEN CREDIT! Almost forgotten in the new tax law is an expansion of the Child Tax Credit beyond age 17. Now,you may be eligible for a (nonrefundable) $500 credit for certain dependents who you claim on your tax return. Specifically, any child who meets the dependency tests is eligible if under age 19 or if
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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
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This issue of Dispatches discusses the impact the new tax law has on charitable contributions. I hope it is useful to you. What’s Changed The tax law that took effect this year nearly doubled the standard deduction, making it likely that only about 10% of taxpayers will now be itemizing deductions. Therefore, unless your state
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The tax law that went into effect 1/1/18 contains a major new business deduction (“199-A”) for self-employed folks and pass-through entities. The broad strokes are clear, the details are mind-boggling. Highlights: Applies to sole proprietors, S-Corps, partnerships… The net income of the business subject to tax at the individual owner level is reduced by
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© 2024 Aaronson Lavoie Streitfeld Diaz
