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ARPA Adds Cash to the Child Tax Credit (2021 Only)

ARPA Adds Cash to the Child Tax Credit (2021 Only)

For the 2021 tax year only, the American Rescue Plan Act of 2021 (ARPA) makes big, taxpayer-friendly changes to the federal income tax child tax credit (CTC). Here’s what you need to know, starting with some necessary background information. CTC Basics For 2018-2020...
Married, Filing Separately, May Be the Tax Year 2020 Strategy

Married, Filing Separately, May Be the Tax Year 2020 Strategy

If you are married, most likely you’ve always filed a joint tax return with your spouse. Most of the time, a joint return shows less overall tax than two separate tax returns do, because the married-filing-separately status has many tax disadvantages. Fast-forward to...
Deducting Disaster Losses for Businesses

Deducting Disaster Losses for Businesses

Disasters such as storms, fires, floods, and hurricanes damage or destroy property. If property such as an office building, rental property, a business vehicle, or business furniture is damaged or destroyed in a disaster, your business may qualify for a casualty loss...