FL - Guidance provided on change in application process for child care tax credit
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]
Read MoreThe IRS has reminded taxpayers that those who pay expenses for the care of a qualifying person while working or looking for work may qualify for the Child and Dependent Care Credit. The credit has been expanded for tax year 2021. Taxpayers with an adjusted gross income of more than $438,000 are not eligible for this credit. IRS Commissioner Chuck Rettig encouraged qualifying families and others to carefully review the criteria to make sure they receive the maximum amount they’re entitled to. Taxpayers can get a credit worth 50 percent of their qualifying childcare expenses depending on their income. For tax year 2021, the maximum eligible expense for this credit is $8,000 for one qualifying person and $16,000 for two or more. For the purposes of this credit, the IRS defines a qualifying person as:
Lastly, taxpayers can use the Interactive Tax Assistant or see the Frequently Asked Questions on IRS.gov to determine if they can claim this credit. The IRS has been highlighting this credit in several ways including IRS social media and outreach channels
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]
Read MoreThe IRS has reminded businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the […]
Read MoreThe IRS and the Security Summit concluded their eight-week summer awareness campaign by urging tax professionals to implement stronger security […]
Read MoreThe IRS has reminded employers that educational assistance programs can be used to help employees pay off student loans until […]
Read MoreThe IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]
Read MoreThe IRS has urged taxpayers to conduct an end-of-summer tax checkup to avoid unexpected tax bills in the upcoming year. […]
Read MoreHillsborough County residents and non-residents who can verify taxable expenditures with receipts or other documentation will receive compensation equal to […]
Read MoreThe IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read More