IRS Plans On Targeting Abusive ERTC Claims
Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit.
Tax Credit
ABLE Accounts and Individuals With Disabilities
A federal law permits individuals who became disabled before reaching the age of 26 to have up to $100,000 in an ABLE account, without jeopardizing their eligibility for Medicaid or Supplemental Social Security Income eligibility. Read more.
Increased Tax Credits for Home Builders
As part of the Inflation Reduction Act, passed in August 2022, contractors will benefit from the increased tax credit for building Energy Efficient New Homes, effective January 1, 2023. In addition, the credit has been extended through 2032.
Electric Vehicle Credit Undergoes Major Overhaul
With the recent passage of the Inflation Reduction Act of 2022, the electric vehicle credit has undergone some major changes.
Tax Benefits for People with Disabilities
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. Learn more.
Sun Setting on Home Solar Power Tax Credits
If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be available after 2023.
Small Businesses Can Benefit from the Work Opportunity Tax Credit
The WOTC is a valuable tax credit available for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.
Video tips: Positive News for the 2021 Earned Income Tax Credit
The Earned Income Tax Credit has been expanded and enhanced for low-income taxpayers who file their tax returns for 2021. Watch this video for details.
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?
Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.” Learn more.
Tax Central
Important Enhancements to the Earned Income Tax Credit For 2021
There are several changes to the earned income tax credit for 2021 that will allow significantly more individuals to qualify for the credit.