The chapter also offers guidance on how to identify factors affecting eligibility for premium tax credits under the Patient Protection and Affordable Care Act (ACA). Effective in 2014, the ACA requires most individuals to have health insurance coverage or potentially be subject to an individual ...
Corporate and individualalternative minimum tax (AMT)rules were enacted to ensure that taxpayers with high incomes but substantial deductions and other tax breaks pay at least some taxes. The 2017Tax Cuts and Jobs Actrepealed the AMT for allC corporations, however.17 It also increased the exempti...
Inflation Reduction Act Extends and Expands Two Valuable Energy Tax Credits for Individuals. Much of the Inflation Reduction Act doesn’t directly impact tax liability for individual taxpayers. However, the law does contain two valuable energy tax credits for individuals. The law renamed the nonbusine...
Ch 6. Tax Credits for Individuals Ch 7. Preparing Individual Taxes Ch 8. Advising Individual Taxpayers Ch 9. Specialized Tax Returns for... Ch 10. Tax Considerations for Business... Ch 11. Tax Considerations for Business... Ch 12. Tax Considerations for... Ch 13. Business Income Calculati...
Tax benefits create savings for individual and business taxpayers. Common tax benefits include deductions, credits, exclusions, and shelters. You can take standard or itemized deductions plus any available above-the-line deductions. To qualify for tax benefits, you must meet specific requirements, such...
eligible Individual Retirement Arrangement (IRA) contributions education tax credits Federal tax credits not only benefit individuals, but also businesses and business owners. For example, investors and businesses can claim tax credits when they invest in designated Opportunity Zones, which are distressed ...
can lower your AGI. And that may affect which tax credits you qualify for. Above-the-line deductions can be for things likestudent loaninterest payments and educator expenses. Contributions to tax-advantage accounts, such ashealth savings accounts,individual retirement accounts,401(k) plansand403(...
Some states sent rebate checks to taxpayers, expanded refundable tax credits for low-income residents or eliminated sales taxes on groceries and other items. “I think what’s interesting is that every state had this opportunity and different states went in different directions,” Richa...
Federal tax credits can be a big help to low-to-moderate-income taxpayers looking to reduce their taxes or maximize their tax refund. Here are the 5 biggest tax credits you might qualify for.
It is well known that existing debt contracts could be altered to improve the incentives for investment but this has proven difficult to accomplish, perhaps because individual creditors have incentives not to agree to such changes. In this paper we show that a simple tax credit scheme that can ...