Alternative Minimum Tax (AMT), like its name infers, is a minimum tax applied to taxpayers. Currently, the tax code allows taxpayers to qualify for a lot of different deductions and credits. AMT ensures that high-income earners pay a minimum tax. It…
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Are you one of the millions of Americans who rely on the Child Tax Credit to help offset your annual tax bill and provide you with some extra cash to get caught up on expenses, move, or plan a family vacation? The Child Tax Credit provides some extra…
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Like in years past, you must take the itemized deduction to receive any credit for donations of cash or goods to your favorite charities. Eligible donations that are deductible, include money and gifts given to: churches or religious organizations; f…
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It depends. Most taxpayers will not see a significant net tax change. Tax rates are decreasing. The standard deduction is nearly doubling. Deductions are being capped and eliminated. The Alternative Minimum Tax exemption is increasing. The people mos…
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Currently, for the tax return you will file for 2017, the mortgage interest deduction remains unchanged. The New Tax Reform, signed into law by President Trump on December 22, 2017, changes the deduction significantly for people who have a home equit…
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Under the new tax laws, most of the changes will affect your 2018 tax return (taxes you will file in 2019). Many of the changes affect the standard and itemized deductions, including the nearly doubling of the standard deduction and removal or reduct…
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The IRS is handling the health insurance coverage question on your 2017 tax return differently this year. For the tax return you will file in 2018 and 2019 for tax years 2017 and 2018 respectively, you will need to answer the health insurance coverag…
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President Trump signed into law the new tax reform on December 22, 2017. One of the biggest changes under the new reform is the up to 20% tax deduction of qualified business income for flow-through business entities subject to limitations. This deduc…
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The new tax reform, signed into law by President Trump on December 22, 2017, brought sweeping changes to the current tax code. One of the biggest changes is the cap on state and local taxes (SALT) and the nearly doubling of the standard deduction t…
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President Trump signed the new tax reform bill into law on December 22, 2017. The biggest rewrite of the tax code in almost thirty years has left taxpayers confused about how it affects the taxes they will file for 2017. Most of the changes will take…
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