The Child And Dependent Care Credit Is Worth Up to $8,000 This Tax Season
This tax season, an often-overlooked tax credit could put up to $8,000 back in families’ pockets. Thanks to a temporary change codified in the American Rescue Plan, parents or guardians can now claim a maximum credit of $4,000 (50% of $8,000 in expenses) for one child, and $8,000 for two or more children (50% of $16,000 […]
Critical Tax Law Changes Affecting Family Law Practitioners
How the Child Tax Credit will affect divorced and separated parents There are a lot of questions about this year’s advance child tax credit for divorced, separated, and unwed parents who share custody. The IRS has specific rules that are different from prior years, including which households qualify and how the payments are disbursed upfront in […]
How Long Should I Keep Tax Records?
If you’re like many Americans, you may have tax returns from a decade ago languishing in your filing cabinet. But you don’t need to hold on to tax documents for as long as you might think. In almost all cases, you can shred or throw away any documents such as W-2s, 1099s, or other forms or […]
Soft Skills May Be The Key For CPA’s
As professionals advance in accounting and finance careers, soft skills become increasingly important. Whether a professional is looking for a new job or seeking a promotion, focusing on and developing soft skills can help employees be more well-rounded and employable professionals. For professionals looking to improve their work and their employability, the 4 soft skills listed […]
5 Tips to Help Identify Fake Financial News
If it’s on the internet and in ALL CAPS it must be true! Whether it’s the GUY WHO TURNED $10,000 INTO $20 MILLION or the HOT TECH STOCK THAT WILL SHOCK YOU, you’ve probably seen some version of this fake news dozens of times a day. And, if you’re like me, you’ve probably clicked on […]
Congratulations To Our Newest CPA!
DeHoek & Company is proud to announce Jonathan DeHoek is a licensed Certified Public Accountant (CPA). Having completed his exams earlier this year, Jon received his CPA certificate and we could not be happier for him, Congratulations Jon! Jon’s responsibilities include business, individual, and non-profit tax return preparation, auditing, and bookkeeping. He joined our team […]
Watch out for New Alimony Rules
Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due to a court order) after 2018, the alimony-paying spouse won’t be able to deduct the payments, […]
New Standard Deduction versus Itemized Deductions
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. However, the TCJA suspends the deduction for personal exemptions. If you typically claim the standard […]