SHARED CUSTODY

by | Feb 28, 2022 | TAX TIPS

Many taxpayers are in a situation where they share custody of one or more children with the child’s other parent. While tax law changed in 2018 and eliminated a deduction for dependents, there are still child tax credits and other tax benefits that are only allowed if...

Make Your Child a Tax-Free Millionaire!

by | Feb 25, 2022 | TAX TIPS

Make Your Child a Tax-Free Millionaire! Want to jump start your child’s retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution goal to reach...

SET UP AN IRS ACCOUNT ONLINE

by | Feb 21, 2022 | TAX TIPS

The IRS has made significant progress recently to help taxpayers access their tax account online. For every taxpayer, the ability to access your account online can help reduce preparation errors on your tax return, and speed up the processing of your return, and...

RECOVERY REBATE CREDIT

by | Feb 14, 2022 | TAX TIPS

I’m sure you remember the stimulus checks you received, or do you? There were three rounds of stimulus checks sent out, the first round started in April 2020, and the third round came as late as summer 2021. The first and second payment were considered an advance on...

MORE ON THE CHILD TAX CREDIT

by | Feb 7, 2022 | TAX TIPS

It seems that every year when we file tax returns, there is some change, new rule, or new guidance, that causes problems for some taxpayers. Remember a few years ago when tax withholding tables were calculated incorrectly and many taxpayers saw significantly smaller...