The Premium Tax Credit

The premium tax credit (PTC) helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. It was “enhanced” for the 2021 and 2022 tax years to allow taxpayers with incomes over 400% of the federal poverty line to claim a portion of the credit. The Inflation Reduction Act extended the […]

2025 Inflation adjustments announced

The IRS has announced inflation adjustments for 2025. The 2025 standard deduction for single taxpayers and married individuals filing separately will be $15,000, an increase of $400 from 2024. For married joint filers, it will be $30,000, an increase of $800 from 2024. For heads of households, the standard deduction will be $22,500, an increase […]

Potential estate tax relief for family businesses

Couple claims they have too much proof to present in court

Business owners can generally deduct ordinary and necessary business expenses if they have proof. But one married couple that owned six LLCs claimed they had too much proof to present in court. After they failed to file tax returns for several years, the IRS created substitute returns. In U.S. Tax Court, the taxpayers relied mostly […]

No award given in recent whistleblower case

Taxpayers who give the IRS Whistleblower Office (WBO) credible, specific tips about unpaid taxes may qualify for cash awards. Several conditions must be met, including: The IRS must take action based on a tip provided. Also, proceeds must be derived by the WBO based on the action taken. One tipster alleged that a tax-exempt entertainment […]

There’s still time to reduce your 2024 tax bill with these strategies

There’s still time to reduce your 2024 tax bill with these strategies – CNBC https://bit.ly/3AihVgw

Obtaining documents are a disaster

It’s common for individual and business taxpayers to lose financial records during a natural disaster. Unfortunately, you usually need such records to document losses for your insurance company and to qualify for federal assistance. But if you visit the IRS’s website (https://bit.ly/4dQ3XA7), you can view or obtain copies of your historical tax returns, wage and […]