Things to Watch Out for Before Tax Season Begins

January 14, 2022By EGTaxBlog No Comments

Advanced Child Tax Credit payments – You must know what you received before filing Any unemployment payments – You must go to the NYS unemployment website to get your 1099-G form or call the number listed for a mailed copy of the form Have you received all of your stimulus payments? Did you have a … Read More

Advance Child Tax Credit

December 20, 2021By EGTaxBlog 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 EGTaxBlog 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

Should I Claim My College Age Children for 2020?

October 11, 2021By EGTaxBlog No Comments

Example:  Mom and Dad have an AGI (Adjusted Gross Income) of $120,000, they also have one college age child (age 20).  This child has wages of $3,000 and Unemployment of $12,000. If mom and dad claim their child and use the education credit their federal tax would be $9,530.  If they don’t claim their child … Read More

What in the World is QBI?

January 11, 2019By EGTaxBlog 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 EGTaxBlog 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