Opting Out of the Monthly Child Tax Credit Payment

Refundable Child Tax Credit

Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into their bank accounts, some families may want to opt-out and instead take the credit […]

Which Educator Expenses Are Tax Deductible?

which-educator-expenses-are-tax-deductible

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel – even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the […]

Key Tax Changes Could Affect Your Tax Situation in 2021

taxes 2021

Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased the dollar amount of the credit and the amount of eligible expenses […]

Refundable Child Tax Credit Payments Start July 15

Refundable Child Tax Credit

The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin receiving monthly payments without any further action required. The increased CTC payments […]

Payment for Refundable Child Tax Credit Starts July 15

child tax credit

The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin receiving monthly payments without any further action required. The increased CTC payments […]

Changing Jobs? Don’t Forget About Your 401(k)

401k

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]

Tax Considerations When Selling Your Small Business

Accurate Business Valuation

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine […]

Tips to Help You Figure Out if Your Gift is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does […]