Understanding The Dependent Care Credit

If there’s someone in your household who currently depends on you to provide them with financial support, you may be eligible for the dependent care credit, which can be claimed when filing your annual tax return. This credit is designed to provide you with a portion of the funds that you spent on care during…

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Inflation Protection Act

Recently, the U.S. House of Representatives held a vote on the Inflation Reduction Act, which passed by a count of 220-207. The bill was then put forth to be signed into law by President Biden. The purpose of this piece of legislation is to make sizable investments into everything from prescription drug costs and health…

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Child Tax Credit

If you raise one or more children, you likely understand just how expensive it can be to do so. It’s estimated that the total cost of raising a child to the age of 18 is right around $267,000. You can effectively reduce these costs by claiming the Child Tax Credit, which is designed to lower…

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Section 179 Depreciation

When you own a business, there are a wide range of tax deductions and exemptions that you may be able to qualify for. One type of deduction that may be available to you involves Section 179 depreciation, which applies specifically to depreciable assets. Knowing what this tax deduction is may help you reduce the amount…

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Social Security Retirement Benefits

There was a time when Americans were only able to receive retirement pensions from the Social Security Administration when they celebrated their 65th birthday; this was when the Social Security Act was passed by the United States Congress and implemented by the first administration of President Franklin Delano Roosevelt in 1935. It took about five…

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Online Sales Taxes

After two years of social distancing and other public health measures that considerably limited brick-and-mortar retail operations, many American shoppers are happily returning to their favorite physical stores. While this is a welcoming development, retail industry analysts do not foresee a strong shift from online shopping to brick-and-mortar; if anything, they believe that the e-commerce…

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