Credits & Deductions

  • IRS Decision May Impact Mortgage Interest Deduction in Some Cases

    The Internal Revenue Service has acquiesced in the Ninth Circuit court’s decision on a year-old tax case involving unmarried co-owners of real estate.

  • Massachusetts Senate Considers AirBnB Tax to Help Finance Earned Income Credit

    The Massachusetts State Senate is looking at a bill that would install a tax on rooms rented through AirBnB to help the state pay for an increase in its Earned Income Credit.

  • Deducting the Cost of Looking for Work

    What You Need to Know When Deducting Job-Hunt Expenses Last week the IRS released information pertaining to deducting job search costs, including a list of nine “key tax facts” on the subject.

  • Health Care Tax Credit for Small Businesses

    The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.

  • The Premium Tax Credit: Do You Qualify?

    April 15 is just around the corner, but there is still time to make sure clients have submitted the proper forms to secure the credits they are due. The IRS recently published a tax tip checklist to help taxpayers determine if they are eligible to receive the Premium Tax Credit (PTC). If a client –…

  • IRS “Tax Tip” Covers Small Business Health Care Tax Credit

    The IRS released a notice for small businesses employing less than 25 people, outlining how they may be able to take advantage of the Small Business Health Care Tax Credit. The “Tax Tip” covers the prerequisites for claiming the tax credit, which forms are needed, and additional resources. Read the full notice below:

  • Press Release: Fake Charities Among the IRS “Dirty Dozen” List of Tax Scams

    WASHINGTON — The Internal Revenue Service today warned taxpayers about groups masquerading as a charitable organization to attract donations from unsuspecting contributors, one of the “Dirty Dozen” for the 2015 filing season.  “When making a donation, taxpayers should take a few extra minutes to ensure their hard-earned money goes to legitimate and currently eligible charities,”…

  • Deducting Business Expenses

    One of the thornier questions at tax time centers on what may and may not be deducted as a business expense. The rules change frequently, in response both to new rulings and to policies enacted by the Internal Revenue Service. But the general guidelines are contained in the Publication 535, Business Expenses. Here is a…

  • Report: IRS Develops ACA Health Care Premium Tax Credit System

    The Internal Revenue Service (IRS) has completed development and testing of software to calculate the Advanced Premium Tax Credit and the Remainder Benchmark Household Contribution (RBHC) which is the household’s contribution towards the monthly insurance premium.  In a report on the system, the Treasury Inspector General for Tax Administration (TIGTA) concludes that the IRS now…

  • What is the Qualified Business Income Deduction?

    The section 199A qualified business income (QBI) deduction was introduced by the Tax Cuts and Jobs Act of 2017. While the TCJA cut the C-corporation tax rate to 21 percent, the QBI deduction lets taxpayers deduct qualifying income connected to certain passthrough entities: 20 percent of net qualified business income plus 20 percent of qualified…