IRS Updates

January 31, 2022By EGtaxLogin56543blog No Comments

EG Tax and Team simply wanted to let you know that the first day that the IRS and NYS are open for electronic filing is next Monday, 1-24-22.  However, if clients come in today or tomorrow, we can have them sign and they will be first in line when e-filing begins.  Some exciting tax changes … Read More

Advance Child Tax Credit

December 20, 2021By EGtaxLogin56543blog No Comments

In 2021 the IRS changed the child to credit for taxpayers who make under $150,000.  The new law reads that for children under the age of (6) the taxpayer will receive a credit of $3,600, for children from 6 to including 17 the taxpayer will receive a credit of $3,000.  Please note the credit goers … Read More

Revised Child and Dependent Care Credit

December 20, 2021By EGtaxLogin56543blog No Comments

Starting for Tax Year 2021 the Internal Revenue Service has changed how the Child and Dependent Care Credit is calculated and the impact of this change on your return. The new calculation for the credit is that for one child you receive a 50% credit of the first $8,000 spent on child care.  For two … Read More

What in the World is QBI?

January 11, 2019By EGtaxLogin56543blog No Comments

It is true that the forms 1040EZ and 1040A have disappeared from our tax vernacular, but the new form 1040 has added some true game changers.  One of the biggest shows up on line 9 of the new form 1040 and is called the “Qualified Business Income Decution”.  Better know as the QBI decuction or … Read More

The Divorce

October 11, 2018By EGtaxLogin56543blog No Comments

The change in claiming of alimony on your 2018 Federal tax return is not the only “divorce” that has taken place in 2018.  We have been discussing the changes in the Federal tax code under the TCJA of 2018 that includes changes in the tax brackets, elimination of exemptions and adjustments to income and much more impacting … Read More