If your child aged out of the $2,000 child credit, you’re not totally out of luck. You may qualify for the $500 credit for other dependents. The tax reform law doubled the child tax credit to $2,000 for each dependent who is age 16 or younger. It also raised the income phase-out thresholds for the […]
Child Care Tax Deduction, child tax credit, qualifying children, refundable child tax credit, TallyTaxMan, tax breaks, Tax Credits, Tax Deductions
Is Schedule E rental income eligible for the 20% pass-through deduction? Final regulations provide limited guidance, but IRS gives a safe harbor. The new tax break applies to qualified business income from a trade or business. The final regs continue to refer to the standard under federal tax code Section 162, the statute that generally […]
IRS, Northside Tax Service, Rental Property, Schedule E, TallyTaxMan, tax breaks
Another vexing issue involves a batch of currently expired tax extenders: The write-off for private mortgage insurance. The $2-million exclusion for forgiven debt on a residence. The limited credit for energy-efficient windows added to one’s home. Several targeted business tax provisions benefiting various special interests. Plus lots of tax breaks for renewable and emerging technology, […]
IRS, Northside Tax Service, TallyTaxMan, tax breaks