Individuals who didn’t qualify for a third Economic Impact Payment or got less than the full amount, may be eligible to claim the 2021 recovery rebate credit based on their 2021 tax year information. If you are eligible, you will need to file a 2021 tax return even if you don’t usually file a tax…
There are two higher education credits that reduce the amount of tax someone owes on their tax return. (1) American opportunity tax credit (2) Lifetime learning credit The taxpayer, their spouse or their dependent must have been a student enrolled at least half time for one academic period to qualify. The taxpayer may qualify for…
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on your 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Can You Claim This…
If you have adopted or started the adoption process in 2021, you may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. However, if you adopt your spouse’s child, you cannot claim this credit. Basic Information About the Adoption Tax Credit The maximum adoption credit…
