2017 all copyright reserved by TOPC Potentia

January 23, 2018

INTRODUCTORY PARAGRAPHS TO BE USED FOR ALL CRITERIA

Currently, the likelihood of your business being involved in a worker classification or employment tax audit is increased because the IRS is aggressively attempting to reduce the “tax gap,” which is the annual shortfall...

January 9, 2018

The home office deduction rules are among the most complex in the Tax Code and are strictly enforced by the IRS.  On January 15, 2013, the IRS announced a new simplified option (also known as a safe harbor method) to calculate the home office deduction. The simplified o...

December 15, 2017

For the 2017 tax year, the dependent exemption amount is $4,050. Each year, the exemption typically goes up $50 to $150 dollars, depending on the size of a required inflation adjustment.

Qualifying child

A qualifying child for purposes of the dependency exemption must sat...

December 4, 2017

While your employer may be reimbursing you for some of these expenses, there may be others for which you are bearing the cost yet not utilizing the tax benefit. Through proper substantiation, it is possible that you may be able to obtain greater reimbursement from your...

November 13, 2017

To claim a child tax credit, your qualifying child must be under the age of 17 at the close of the tax year. The child tax credit is partially refundable for some taxpayers who have earned income below certain thresholds or at least three qualifying children. Because th...

October 27, 2017

The filing status is critical to determine your filing requirements, eligibility to certain credits, and correct tax. Internal Revenue Service (IRS) provides five filing status categories:

  • Single

  • Married Filing Joint (MFJ)

  • Married Filing Separately (MFS)

  • ...

October 20, 2017

For families with children, parents can claim certain credits and deductions to reduce their tax liabilities. If you have a qualified child, you should take advantage of following child tax benefits.

Child Tax Credit

The maximum amount that you can claim is $1,000 per qua...

October 19, 2017

If you pay for the educations costs or higher education to yourself, your spouse or your dependents, you may receive various tax benefits from education deductions, credits and saving plans.

Education Deductions

Deductions are the amounts that reduce your taxable income,...

September 11, 2017

Tax breaks to help you pay educational expenses are some of the most commonly overlooked federal tax breaks. They shouldn't be. Getting the most from the education tax incentives requires careful planning, particularly because of the interrelationship between many of th...

September 4, 2017

The federal tax incentives for education include the American Opportunity and Lifetime Learning Credits, the student loan interest deduction, Coverdell education savings accounts, and others. They have very different criteria, but one or more could help you to maximize...

Please reload

Recent Posts