Obscure and Overlooked Tax Deductions, Credits, and Benefits
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits.
Tax Credit
Video Tips: Take Advantage of Tax Credits for Energy-Efficient Home Improvements
Homeowners, explore several clean energy tax credits for your home improvements.
IRS Orders Immediate Stop to New Employee Retention Credit Processing
Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the Employee Retention Tax Credit for which they do not qualify.
Research Credit Available as a Payroll Tax Credit Doubled by the Inflation Reduction Act
New businesses that have less than $5 million in gross receipts and that qualify for the research tax credit can elect to use that credit to pay the employer’s share of its employees’ FICA withholding requirement.
Tax Breaks for Grandparents
Grandparents rearing grandchildren may qualify for a variety of tax breaks. They include head of household filing status, child tax credit, earned income tax credit, childcare credit, education credits, and medical expense deductions.
Video Tips: Check Out the Updates for Clean Vehicle Tax Credits
The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit.
Considering a New or Pre-Owned Electric Vehicle?
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or pre-owned (used) electric vehicle.
What is the Work Opportunity Tax Credit?
The Work Opportunity Tax Credit is available at the federal level to businesses that go out of their way to hire people from a targeted group. Learn more.
Tax Benefits For Parents
If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status that can help put a dent in your tax liability.
Video Tips: EITC Awareness Campaign from the IRS
The IRS on January 27 kicked off an Awareness outreach campaign to help Americans to take advantage of the Earned Income Tax Credit (EITC).