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Individual Tax Articles

 

Temporary Changes to the Child and Dependent Care Credit

Temporary Changes to the Child and Dependent Care Credit

Posted by Kevin Smeader on April 13, 2021

The American Rescue Plan Act liberalizes the child and dependent care credit for 2021. But the changes won't help high-income households.

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Planning Perspectives: Key Potential Changes Under President Biden’s Tax Plan

Planning Perspectives: Key Potential Changes Under President Biden’s Tax Plan

Posted by Cheryl A. Jankowski on April 08, 2021

Review some of the specifics of Biden’s proposed tax changes and how they would affect individuals and households.

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Tax Increases and SALT Relief Come Out of New York Budget Finalization

Tax Increases and SALT Relief Come Out of New York Budget Finalization

Posted by Cory Van Deusen V on April 07, 2021

In the early morning hours of Tuesday, April 7, 20201, New York state leaders agreed on a $212 billion budget that includes increased tax rates for both large businesses and the wealthy in New York State.

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Big Changes to the Child Credit for 2021

Big Changes to the Child Credit for 2021

Posted by D’Marie Murray on March 30, 2021

There's good news for certain parents: For 2021 only, under provisions included in the new American Rescue Plan Act, you may be eligible for a significantly larger tax credit for qualifying children. Though the rules have been significantly liberalized, they're complicated.

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Four Important Changes on Your 2020 Tax Return

Four Important Changes on Your 2020 Tax Return

Posted by Amanda Mooney on March 30, 2021

Are you ready to file your 2020 federal income tax return? Last year, financial relief laws were enacted to counter the economic fallout from the COVID-19 pandemic. These laws may affect your 2020 return.

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What Individuals Need to Know About the American Rescue Plan Act

What Individuals Need to Know About the American Rescue Plan Act

Posted by Cheryl A. Jankowski on March 29, 2021

The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, provides additional major relief to individuals and businesses that continue to be impacted by the COVID-19 pandemic.

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Get a Tax Break on a New Electric Vehicle

Get a Tax Break on a New Electric Vehicle

Posted by Angela Miles on March 29, 2021

Electric plug-in vehicles are growing in popularity, especially in urban areas and for younger drivers. As a bonus, certain vehicles may qualify for a federal income tax credit of up to $7,500 in the tax year they're purchased.

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Last-Minute Tips for Your 2020 Personal Return

Last-Minute Tips for Your 2020 Personal Return

Posted by Connie Ricotta on February 18, 2021

The good news is that 2020 is behind us. The bad news is that you must soon pay Uncle Sam for taxes owed for 2020. Here are a few ideas to help lower your tax bill for last year, including making tax-deductible contributions to your IRA or HSA, COVID-19-related tax breaks for certain small business owners … and more.

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5 Valuable Tax Credits for 2020 Individual Returns

5 Valuable Tax Credits for 2020 Individual Returns

Posted by on February 10, 2021

Tax filing season is fast approaching. The deadline to file (or extend) your return is April 15. Before you file your federal income tax return, however, it's important to review the tax breaks that are available under current tax law.

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Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Posted by Brian Kern on February 05, 2021

Now that President Biden has taken office and Democrats have a slim majority in the House and Senate, many are eagerly awaiting details on any new significant tax legislation the administration will aim to pass.

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