Year-end 2018 sees the end of the first year of the Tax Cuts and Jobs Act (TCJA), the most significant tax legislation in the Unites States in more than 30 years. While one of the claimed benefits of tax reform was the simplification of filing and the lowering if income tax rates, there are still [...]
The enhanced child tax credit has been highlighted as one of the provisions of the Tax Cuts and Jobs Act designed to lower overall tax liability for middle-class families. The child tax credit is temporarily increased from $1,000 to $2,000 per qualifying child for tax years 2018 through 2025. As much as $1,400 of that [...]
Summary Cross References - Rev. Rul. 99-7 - Haag, T.C. Summary Opinion 2016-29 In general, the cost of commuting from home to a taxpayer’s job is a nondeductible personal expense. There are several exceptions to this rule: - The taxpayer commutes from home to a temporary work location (one expected to last one year or [...]
Cross References - IR-2016-123, The Internal Revenue Service and its Security Summit partners has issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a [...]
Denpendency Test You may be able to claim your parent as a dependent on your income tax return whether you are single or married. However, there are 5 tests you need to pass; Relationship – It satisfies this condition if the person you are claiming is your parent. Same rule applies to in-law parents and [...]
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