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One-minute answer

Gambling Losses and Expenses

Deductions & credits

Gambling losses and expenses. Remember losses still stay on schedule A which is a little bit harder now for people to use. Because if you went gambling and…

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One-minute answer

Increase In Child Tax Credit

Deductions & credits

Child Tax Credit. We all know there was an increase and there was an advance, but how much was that increase? So it comes down like this: If…

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Understanding Your Deductions and Credits

Deductions & credits

So preparing your taxes means understanding what you have for deductions and credits. So let's just run through really quickly the standard deductions for the year 2021. You…

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Understanding The Advanced Child Tax Credit

Deductions & credits

The Advanced Child Tax Credit. This is something we haven't had to deal with. And now that we're into the 2021 tax season and we're preparing forms, people…

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The Retirement Savers Credit

Deductions & credits

Something that I find that a lot of people don't take advantage of, and is the Retirement Savers Credit. So in 2022, the brackets that come in this…

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One-minute answer

Required Minimum Distributions

Deductions & credits

For all those that are taking Required Minimum Distributions. So this could be individuals that are 70 and a half or older. Depending on when you have it.…

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The Changes In Charitable Deduction

Deductions & credits

One of the changes that will probably help just about everybody out there is the Charitable Deduction. Nowadays I know we have the standard deduction, but remember above…

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Child Tax Credit and Advanced Child Tax Credit

Deductions & credits

Child Tax Credit and Advanced Child Tax Credit. We are wondering at this moment, will you be getting a payment come the 15th of this month since the…

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