The recently passed American Rescue Act brings some sorely needed relief to American families, especially for lower and middle-income households. One of the most valuable pieces of the legislation for these families is the new child tax credit. According to the Institute on Taxation and Economic Policy, about 80 million children live in households that
Taxes
Today’s column addresses questions about potential effects of not having income for several years before filing at 70, how extra money can affect Supplemental Security Income benefits and receiving benefits for a year before withdrawing and repaying them and refiling later. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and
As many individuals rejoiced to see the Form 1040 due date extended from April 15, 2021, to May 17, 2021, it is important to understand what the extension applies to and whether you will get the relief you expect. As highlighted above, the IRS extension only applies to 2020 federal income tax filings for individuals. For
As we enter the middle of Tax Season 2021, I’m hearing a lot of people asking the following questions about their mortgage interest, “Can I still deduct my home equity line of credit? Should I refinance to make it tax-deductible again? How do I know if I can deduct the home equity line of credit
The days of widespread underreporting of income from online platform work are coming to a close, but the tax challenges for individual participants in the platform-based economy and the IRS are far from over. Many more gig economy workers will start receiving tax information reporting from the digital platforms they use than before because of