Gambling Winnings & Losses – How does it work?

Gambling Winnings & Losses – How does it work?

The Tax Cuts and Jobs Act (TCJA), enacted at the end of 2017, suspended certain deductions for 2018 through 2025. For example, you can’t currently deduct any miscellaneous expenses, including unreimbursed employee business expenses and production-of-income expenses....

2021 Recovery Rebate Credit FAQs

If you didn’t get the full amount of the third Economic Impact Payment, you may be eligible to claim the 2021 Recovery Rebate Credit and must file a 2021 tax return – even if you don’t usually file taxes – to claim it. Your 2021 Recovery Rebate Credit will...
Advance 2021 Child Tax Credit FAQs

Advance 2021 Child Tax Credit FAQs

The advance child tax credit payments ended in December, but there’s still more money coming to eligible families in 2022. Now that tax season has arrived, the final enhanced child tax credit payment for 2021 — including any money you didn’t receive in...

Michigan Unemployment Update – July 2021

Work Search Requirement Reinstated As of May 30, 2021, the Unemployment Insurance Agency (UIA) has reinstated work search requirements for unemployment benefits claimants. The requirement to search for work in order to receive unemployment benefits had been suspended...

2021 Child Tax Credit & Advanced Payments

Under the American Rescue Plan Act (ARPA), P.L. 117-2, the IRS must make 2021 periodic advance child tax credit payments to taxpayers up to the “annual advance amount.” These payments — up to $300 per month per child under age 6 and up to $250 per month per child age...