Things to know about tax credits. First, we love tax credits because of tax credit subtracts the total amount from the taxes you owe. We talked about deductions…
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A few things to know about deductions. Deductions can reduce the amount of a taxpayer's income before they calculate taxes owed. Most people take the standard deduction. The…
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Radio Show
January 28, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers various topics, including: How Much…
#Business Vehicle Deductions#Charitable Contribution Deductions#Cashier's Checks#Stimulus Checks
ListenMoving expense. Guys, it's no longer deduction since December 31, 2017, through January 1 of, 2026; it has been suspended. So that means if you have relocated even…
ListenStandard deduction vs. itemized deductions. We know since 2018, we've had much larger standard deductions. Therefore, itemizing has become difficult. It doesn't mean that it's zero. The problem…
ListenChild Tax Credit. It's not so much that we have a child tax credit I want to touch on, but who qualifies for a child tax credit? There…
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Radio Show
January 14, 2023
Welcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday answers callers' tax questions and covers various topics, including: The Importance…
#Business Vehicle Deductions#Family Property Transfers#1099-K Threshold#Employee Misclassification
ListenIf you're interested in claiming the tax credit available under Section 30 D for the EV credit for purchasing a new electric vehicle after August 16, 2022. A…
ListenAdaption. One of the best things I think people can do when it comes to maybe helping out or just making changes in life. Adopting a child is…
ListenThe modified adjusted gross income amount used for joint filers to determine the reduction in the Lifetime Learning Credit provided under 25 A is not adjusted for inflation…
ListenThe tax year 2022 maximum earned income tax credit amount is $6,935 for a qualified taxpayer who has three or more qualified children; that's up from 6728 in…
ListenPreparing for the 2022 tax season and we are all thinking about, "Do I or do I not itemize?" So if you are a married couple under the…
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