Under IRS Notice 2020-75, an S Corporation Deducts State Income Tax That Never Touches the Owner’s SALT Cap

Congress raised the SALT cap, then quietly built a phasedown that erases the increase for high earners. Business owners in ...
24/7 Wall St.

At 66 She’s Raising Her Grandson. She May Qualify for the Same Child Tax Credit and Earned Income Credit as a Parent in Their 30s

Grandparents raising grandchildren often assume federal tax credits are off-limits at their age, but the IRS applies a ...

Claiming Parents as Dependents: Income Limit, Support Test and Credits

Adult children who financially support a parent may be able to claim that parent as a dependent on their federal tax return. Generally, the parent must have income below an annual limit, and the child ...
YouTube on MSN

8 things you didn't know you didn't know about Social Security taxes

A couple collecting $48,000 a year in Social Security takes $10,000 more from their IRA, and $18,500 more of their income ...

Malliotakis promotes tax law days before reelection race

The congresswoman and IRS chief Frank Bisignano touted senior deductions and SALT relief at a South Beach senior center, ...

Treasury flags $8B in suspicious foreign-directed transfers through US money services firms

The Trump administration uncovered what it says is $8 billion in suspicious cross-border wire payments directed by foreign ...

Turning 65 on New Year’s Day? Congratulations, You Get a $6,000 Senior Deduction a Year Early

Key TakeawaysThe IRS treats someone as 65 on the day before their 65th birthday, so anyone born on Jan. 1, 1962 counts as 65 ...