by Steven J Weil, PhD, EA, LCAM | Jun 23, 2021 | Blog, Personal Tax
Beginning July 15, the IRS will start sending taxpayers that filed 2019 or 2020 returns with qualifying children and advance payment of the Child Tax Credit. The payment will amount to ยฝ of the Child Tax Credit for 2021. The American Rescue Plan Act increased the...
by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Business Tax, Personal Tax
Below is a list tax bills introduced in Congress for which bill text became available between June 3 and June 10, 2021. The bill text for each bill can be accessed by clicking on the bill number. Individuals:ย H.R.2304ย – Save Social Security Act of 2021. To...
by Steven J Weil, PhD, EA, LCAM | Jun 2, 2021 | Blog, Personal Tax
You open your mailbox and see a โscaryโ looking letter addressed to you from the IRS. Itโs a notice of payment due. What should you do? Do not automatically assume the letter is correct and submit payment to make it โgo awayโ. There have been many recent tax law...
by Steven J Weil, PhD, EA, LCAM | Jun 2, 2021 | Blog, Personal Tax
The idea of saving for retirement is drilled into our heads. 401(k)s or IRAs are where we stock away funds as we prepare for the day we say goodbye to the workforce. But did you know, the government actually requires you to take money out of those accounts once you...
by Steven J Weil, PhD, EA, LCAM | May 18, 2021 | Blog, Personal Tax
But beware as these payments may have strings attached. IRS set to start mailing advice โChild Tax Creditโ, CTC. Qualifying parents with children younger than 6 will begin receiving $300.00 per child for children under 6 years of age per month, and $250 each for...
by Steven J Weil, PhD, EA, LCAM | Apr 30, 2021 | Blog, Personal Tax
๐๐ป ๐ฎ ๐ฏ๐น๐ผ๐ ๐๐ต๐ฒ ๐บ๐ฎ๐น๐ฒ ๐๐ฎ๐บ๐ฒ ๐๐ฒ๐
๐บ๐ฎ๐ฟ๐ฟ๐ถ๐ฒ๐ฑ ๐ฐ๐ผ๐๐ฝ๐น๐ฒ๐ ๐๐ฎ๐ป๐๐ถ๐ป๐ด ๐๐ผ ๐ต๐ฎ๐๐ฒ ๐ฎ ๐ฏ๐ฎ๐ฏ๐ ๐๐ต๐ฒ ๐๐ฅ๐ฆ ๐ต๐ฎ๐ ๐ถ๐๐๐๐ฒ๐ ๐ฃ๐ฟ๐ถ๐๐ฎ๐๐ฒ ๐๐ฒ๐๐๐ฒ๐ฟ ๐ฅ๐๐ถ๐ป๐ด ๐ฎ๐ฌ๐ฎ๐ญ๐ญ๐ฐ๐ฌ๐ฌ๐ญ. The ruling limits medical deductions to, only medical costs directly attributable to the couple. According to the IRS the couple could deduct, as...
