Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Continue reading
Highlights of the American Rescue Plan Act
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Category Archives: tax credits
Capital Gains Tax on Sale of Stocks
Apps like Robinhood make it easy for everyone to play the stock market. If you’re a retail investor who made money last year buying and selling stocks, you may owe capital gains tax when you file your tax return this year. If you lost money, you may be able to deduct that loss and reduce your income. Continue reading
Tax Breaks for Families with Children
If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed when you file your 2020 tax return. Let’s take a look: Continue reading
Renting Out a Second Home
In general, income from renting a vacation home for 15 days or longer must be reported on your tax return on Schedule E, Supplemental Income and Loss. You should also keep in mind that the definition of a “vacation home” is not limited to a house. Apartments, condominiums, mobile homes, and boats are also considered vacation homes in the eyes of the IRS. Tax rules on rental income from second homes can be confusing, especially if you rent the home out for several months of the year and use the home yourself. Continue reading
The COVID-Related Tax Relief Act of 2020
The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020. Continue reading
INDIVIDUAL TAXPAYERS: YEAR-END TAX PLANNING STRATEGIES
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. Continue reading
EMPLOYEE RETENTION CREDIT COULD HELP YOUR BUSINESS
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer. Continue reading
COVID-19: Information for Small Businesses
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law on March 18, 2020. Continue reading
What’s New for the 2020 Tax Filing Season
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. Continue reading
Individual Taxpayers: Recap for 2019
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Continue reading
