Medical and Dental Expenses Deduction
Medical and Dental Expenses DeductionWhat is the medical and dental expenses deduction?This deduction allows you to deduct a percentage of your qualified medical and dental expenses. Qualified medical and dental expenses include the cost of diagnosis or treatment to cure, improve or prevent a physical or mental illness or defect. They include costs such as:– […]
Other Deductible Expenses Deduction
Other Deductible Expenses Deduction What are other deductible expenses? Some types of expenses, which are listed below, fall into a category known as other deductible expenses. That means you’ll be entering these expenses in the Other Deductible Expenses area of Deductions and Credits, rather than in the Charitable Contributions or Casualties and Thefts topics. Don’t […]
What’s new with the Child Tax Credit?
What’s new with the Child Tax Credit? Child Tax Credit In 2021, The American Rescue Plan expanded the Child Tax Credit—here are the details: The amount for kids under 6 went from $2,000 to $3,600.The amount for kids ages 6-16 went from $2,000 to $3,000.17-year-olds were previously past the cut-off, but are now eligible for […]
Child’s Income
Child’s Income What is Child’s Income? If your child is younger than age 19 or a full-time student age 19-23, he or she must file a tax return for 2021 if he or she had any of the following: Unearned income (interest, dividends, capital gains, taxable scholarships, unemployment compensation) of more than $1,100. Earned income […]
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