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Divorce changes a lot of things and taxes are on that list. Newly divorced people should know how ending a marriage can affect their tax situation. Here is a checklist of items to help when filing taxes after divorce: Name and address changes Name. When a name changes through divorce, it is important to report that change to the Social Security Administration. The name on …

ABLE Accounts: Valuable Benefit for Taxpayers with Disabilities Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts (ABLE accounts) are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. What is an ABLE Account? Here are some key things people should know about these accounts. Annual Contribution Limit The limit remains $15,000 in 2021. Certain employed …

Recent events have more Americans receiving unemployment compensation benefits. Americans receiving unemployment compensation benefits should take steps now to avoid a nasty surprise on their tax bills next year. Is money received as unemployment compensation considered income? Yes. Money received as an unemployment compensation benefit is considered to be “income.” Therefore, unemployment compensation tax is usually subject to the same tax requirements as all other …

Recent events have more Americans working from home. This can influence how they can file for a home office deduction. The home office tax deduction allows qualifying taxpayers to deduct certain home expenses on their tax returns. Understand the home office tax deduction and whether you can claim it: Employees are not eligible to claim the home office tax deduction. The home office deduction Form 8829 …

The CARES Act suspended limits on charitable contributions for individuals and corporations. For tax year 2020, individuals may deduct qualified charitable contributions up to 100 percent of their adjusted gross income. A corporation may deduct qualified charitable contributions up to 25 percent of its taxable income. Both individuals and corporations can carry over to the next year contributions that exceed the AGI limitation. To qualify, …