Tag: dependent

  • Parents and Other Eligible Americans to Receive Direct Payments

    Parents and Other Eligible Americans to Receive Direct Payments

    The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the…

  • Strengthen Your Supply Chain with Constant Risk Awareness

    Strengthen Your Supply Chain with Constant Risk Awareness

    When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic…

  • What Is Your Taxpayer Filing Status?

    What Is Your Taxpayer Filing Status?

    For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December…

  • Stretch Your College Student’s Spending Money with the Dependent Tax Credit

    Stretch Your College Student’s Spending Money with the Dependent Tax Credit

    If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as…

  • Three Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

    Three Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

    When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree…

  • Tax-free Fringe Benefits Help Small Businesses and Their Employees

    Tax-free Fringe Benefits Help Small Businesses and Their Employees

    In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance…

  • Personal Exemptions and Standard Deductions and Tax Credits – Oh, My!

    Personal Exemptions and Standard Deductions and Tax Credits – Oh, My!

    Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of…