NEWS FROM PINNACLE ACCOUNTING
Taxpayers with children may experience additional tax savings on 2020 returns
When trying to cut costs with a child, parents can get creative. One thing they often cannot cut, however, are child care costs. Luckily, there is a tax credit for child and dependent care expenses offered on individual tax returns. The credit can be up to 35 percent...
Divorced couples should note alimony changes under TCJA
Alimony no longer tax deductible Determining the tax consequences that can arise during a divorce or marital separation can be vital for the financial protection and well-being of the taxpayer and their family. That’s why it’s important to understand applicable tax...
Scammers send fake IRS notices, lure unsuspecting victims
Every year, taxpayers are bombarded with emails and letters claiming to be from the IRS and asking for personal information. The subject titles on many of these emails claim that the IRS is trying to contact the person because they have a refund for them. These are...
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