Want Student Loan Forgiveness: 4 Things You Know
Biden has come up with another program called Saving on a Valuable Education, or SAVE for short, and it’s an Income Driven Repayment plan, that has a student loan forgiveness component.
How Rental Real Estate Owners Can Get an Extra 20% Tax Deduction
When it comes to rental real estate, whether or not you can take the Qualified Business Income Deduction all comes down to whether you own investment real estate or whether you own a rental real estate business. The IRS normally treats investment real estate as passive income, so if you own investment real estate instead of a rental real estate business, you won’t be able to take the qualified business income deduction.
Inherited IRA required minimum distribution rules
When it comes to taking distributions from a traditional IRA, a spouse has more flexibility than a non-spousal beneficiary. As a spouse, you have four options. Your first option is to take a lump sum distribution and pay the taxes all at once. Your second option is to treat the IRA as your own and it will be as if you have always owned the account. Your third option is to open an inherited IRA in your name and use the life expectancy method. And your final option is to open an inherited IRA in your name and use the 10-year method.
8 Tips When Paying Your Minor Child Through Your Small Business
If you have a minor child and don’t have that child working in your small business, — maybe you should consider it.
Rare Opportunity: Deduct Your Child’s Student Loans Through Your S Corp, LLC, or Small Business
Although it’s rarely used, you can write off your child’s student loans through your S Corporation, LLC, or Small Business through 2025.
Child Tax Credit 2022
The child tax credit for 2022 begins to phase out at modified adjusted gross incomes of $400,00 on joint returns and $200,000 on single or head-of-household returns.
Tax Brackets Explained
Taxpayers are excited because the 2023 adjustments are some of the largest in history.
Meals Deduction 2022
The best thing about the meals deduction in 2022 is the 100% write-off.