Taxes
Latest in Taxes
Disallowance Rules for EIC, CTC, and AOTC: When 8862 Is Required
The IRS issues Disallowances for non-math denials of EIC, AOTC, CTC/ACTC/ODC, blocking claims for 2 years for reckless disregard or…
Understanding Due Diligence Rules for EIC, AOTC, and CTC Credits
IRS enforcement targets paid preparers for refundable credits and HOH status: $600 per failure for 2023 returns filed in 2024,…
Claiming Excess Social Security and Tier 1 RRTA Refunds
If combined withholding from multiple employers exceeds Social Security or Tier 1 RRTA wage bases, claim the excess on Schedule…
Understanding the New and Used Clean Vehicle Credits (Updated Rules)
Follow this guide to confirm MAGI and vehicle eligibility, collect dealer-reported VIN and battery details at sale, take delivery, then…
Energy Efficient Home Improvement Credit: $3,200 cap through 2032
From 2023–2032, the Energy Efficient Home Improvement Credit covers 30% of qualifying upgrades, up to $3,200 annually ($1,200 general cap…
Residential Clean Energy Credit Ends 2025: What Qualifies
The 30% Residential Clean Energy Credit now ends for homes on December 31, 2025. Installations must be placed in service…
ACA: $0 Penalty for Not Having MEC and Reporting Essentials
Although the ACA penalty is $0 federally after 2018, MEC reporting continues. Forms 1095-A (due Feb 1), 1095-B and 1095-C…
Understanding the Foreign Tax Credit: Form 1116 Rules and FEIE Limits
The FTC lets U.S. taxpayers offset U.S. tax by foreign income taxes paid on income included on their U.S. return.…