Child and Dependent Care Credit

Child and Dependent Care Credit: You could be amazed to know that some of the money you spent on childcare expenses can be claimed back from this nonrefundable credit. You can also qualify to claim these funds, provided you should have ever cared for disabled dependents or spouses. The Requirements to Claim This: These criterion […]

What Is Roth IRA? | Roth IRA Rules

Roth IRA: Similar to the traditional IRA, Roth IRA is an individual retirement account which allows an individual to keep aside a specified amount of after-tax income every year. In contrast to the traditional IRA, this arrangement allows earnings and withdrawals after age 59½ and a half to be tax free. Eligibility on Roth IRA […]

401(k) Contribution Limits for 2021

401(k) is an employer-sponsored retirement savings plan that allows employees to stockpile and invest a part of their pay check before the taxes are deducted. Taxes are paid only after the money is withdrawn from one’s account. 401(k) contributions can ease up your taxable income and help slash your tax bill. For instance, if you […]

Child Tax Credit

Child Tax Credit: The line of credit given to a taxpayer for having dependent children, one or many who are under the age group of 17 at the end of each tax year is known as Child tax credit or ‘CTC ‘ in short. CTC is intended to offer parents or guardians of dependents an […]

What is Premium Tax Credit (PTC)?

Premium Tax Credit 2019: is a refundable form of tax credit that eligible households receive from the Internal Revenue Service (IRS) in the United States. The premium tax credit offsets the monthly health insurance premium costs for eligible households who have purchased their insurance via the Healthcare Exchange Marketplace. The ACA’s Premium Tax Credit People […]