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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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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I will be available for private consultations before my 6 PM talk. I can advise you on implications of the new tax law, deductions, business entity selection and proper accounting. Thursday June 21, 2018 , 3-5 PM at Western Studios, Lowell MA Sessions are $25 for 15 minutes and $50 for 30 minutes. Please
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