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Claiming the Credit for Other Dependents
Taxpayers with dependents who don't qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500. To take the credit your dependent must meet certain conditions. For example, the dependent you are claiming...
Tax Tips for Children with Investment Income
Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: 1. Investment...
Tax Credits for Electric Vehicles and Plug-in Hybrids
Tax credits are still available for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. The credit applies to vehicles acquired after 12/31/2009, and is limited to $7,500. State and/or local incentives may also apply. The...
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...
Small Business Tax Roundup
Tax changes due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act, affect both individual taxpayers and small businesses. In 2020, the IRS issued a number of guidance documents as well as final rules and regulations that clarified several tax...
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. Let's take a look: 1. Child Tax Credit Generally, taxpayers can claim the Child Tax Credit for each qualifying child under the age of 17. The...
Renting Out a Second Home
In general, income from the rental of 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,...
Avoiding an IRS Tax Audit
Although just 0.15 percent of taxpayers were audited in 2019, the fear of being audited is never far from many taxpayer's minds, and with the taxes becoming more complicated every year, there's an even greater possibility of confusion turning into a tax mistake...and...
System and Organization Controls Reports
The increased connectivity and processing power of computers have enabled some truly remarkable possibilities in management and efficiency for organizations, as well as at home. It’s important to remember that often, though, when there’s improved efficiency and...
State of Utah Taxation of PPP Forgiven Loan Funds
Perhaps you’ve recently heard the news. Though the federal government determined in late December that forgiven PPP loan funds were nontaxable, the State of Utah recently announced that such forgiven PPP funds are taxable income for Utah taxation purposes....
Who Qualifies for the Earned Income Credit
The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. The credit not only reduces the amount of tax someone owes but may give them a refund even if they don't owe any taxes or aren't required to file a...
New Year, New Withholding?
Whether you are starting a new job or reassessing your financial situation, a new year often means a fresh start. Why not get the new tax year off to a good start as well? One way people can do this is by checking their federal income tax withholding using the Tax...
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