For donations of $200 or less, the federal refundable tax credit is 15%. For donations more than $200, the federal refundable tax credit is representative of the top marginal tax rate of 29% even if you were not in that marginal tax bracket.
Archive for Tax Credit
The IRS will not accept tax returns until January 23, 2017. The filing deadline will be April 18 due to April 15 falling on Saturday and the Emancipation Day holiday in Washington D.C. on April 17.
Congress (in the PATH Act) mandated the IRS to delay some refunds until February 15.
As we get closer to tax season, there’s a benefit that many taxpayers consistently miss out on.
I like to help my clients get every benefit from the government they can. That’s why I’m taking time to help you familiarize yourself with the tax advantages of the Saver’s Credit.
If you’re in the market for a new car or you’ve purchased one this year, you might also be in for some great tax benefits. That is, if you purchase a plug-in electric vehicle or low-speed or two-or three-wheeled vehicles.
A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups
The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.
Tax professionals should alert their clients that a new law requires the IRS to hold refunds until mid-February 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit.
On November 4th of 2016, New York State Governor Andrew Cuomo signed Chapter 420 of the Laws of 2016 which expanded the New York State Film Tax Credit Program (hereinafter the “NYSFTCP”) for qualified production companies that produce feature films; television series; relocated television series; television pilots; television movies; and/or incur post-production costs associated with the original creation of these aforementioned film productions.
Are you trying to pursue California’s state tax credits and incentives? If so, there are three recent updates you may want to know about: State Tax Credit and Online Reporting Requirements, Film & Television State Tax Credit Application Dates, and Film & TV Credit Expenditures and Payroll.
Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures:
Vast plains and the Rocky Mountains paint the landscape of Wyoming, the Cowboy State. Its famed Yellowstone National Park, a nearly 3,500 square mile wilderness area, is home to hundreds of animal species (i.e., bears, wolves, bison, elk and antelope), dramatic canyons, alpine rivers, lush forests, hot springs and gushing geysers, its most famous geyser being Old Faithful. Yellowstone was the nation’s first national park and the first national monument was Devil’s Tower. Known for its backcountry skiing areas, forested trails and Snake River is Grand Teton National Park.
Do you operate a business in California? Have you taken advantage of the state’s tax credits offered through the California Competes program? The truth is, this program is showing itself to be very difficult for companies to actually receive benefits from.
This article explains the nature of the Lifetime Learning Credit (LTC), eligibility, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules. (Click here to read the first article.)