Child Tax Credit 2023 – What You Need To Know Many families take advantage of tax credits and deductions when they file their annual returns. The Child Tax Credit is a popular one that could be worth up to $2,000 per qualifying dependent under 17 this year. Millions of American families took advantage of an expanded credit in 2021 that boosted the amount of money parents received for each child under six or 17-year-old. That enhancement has now expired, and the credit will revert back to its former value and rules in 2023. Child Tax Credit 2023 The child tax credit... View Article
Reasons Why You Should Hire a Tax Consultant This Year A tax consultant can help you save money, avoid taxes and make sure that you file your taxes correctly. They also provide you with peace of mind and a high level of confidence in your financial situation. Save Time & Money Taxes can be a confusing and onerous process, which is why many taxpayers turn to professional tax preparers. They can save you both time and money by reducing the amount of taxes you owe while also making sure that you’re not missing out on any deductions or tax credits... View Article
Tax season is upon us again, so now is the time to start preparing your business taxes. Make sure you have the information you need to file accurately and on time so you can avoid penalties and interest. Tax Inflation Adjustments If you are a small business owner, there are a few important 2023 tax changes that you should know about. These include tax inflation adjustments and a new limitation on business losses. The IRS typically adjusts income thresholds, deduction amounts, and credit values each year to reflect inflation. This helps prevent what’s called bracket creep, which occurs as people... View Article
Those who qualify for the child credit must meet certain requirements and have their income below a certain limit. Those who exceed the ceiling will have their credit reduced in increments. Requirements/Qualifications The child tax credit, also known as the CTC, entitles parents and guardians to a tax benefit for each dependent qualifying child. Its maximum amount is a maximum of $2,000 per child under the age of 17, with up to $1,400 refundable. However, the child tax credit is not available to every family. It’s typically limited to families with adjusted gross income below a certain threshold. Income Requirements... View Article
Is it worth getting an accountant to do your tax? Accounting is just one of many things that should be left to the experts. Even if you believe you are good at math, it is easy to make a mistake. Professional accountants are experienced and possess the skills and expertise to efficiently file tax returns. They also can keep you from being audited by the IRS. Continue reading to learn more about why you should hire an accountant to do your taxes this year. Benefits of Hiring an Accountant To Do Your Taxes What are the benefits of hiring a... View Article
