- Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
- Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each child under age 18 and to $3,600 for children under age 6 at the end of the year.
- Tax Treatment of Reverse Mortgages
- With inflation on the rise and medical care costs escalating, what options do seniors have for keeping up, especially if they have a mortgage on their home and their retirement income is only barely covering their mortgage payments and other necessities, with little left over for some enjoyment in their golden years, without relying on help from family?
- Live Updates: The Latest News for Taxpayers and Small Business Owners
- Check in for live updates with all the latest relevant news stories for individual taxpayers and SMB owners.
- Video Tips: 2022 Standard Mileage Rates Have Been Announced
- The IRS has announced the new standard mileage rates to be used for automobile tax deductions in year 2022.
- How Can a Nonworking Spouse Qualify to Fund an IRA?
- One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through their employers’ retirement plans. However, those who are married have an option to accumulate retirement funds that will help make up for some of their lost retirement savings.
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