Tax Credit

Payments under state or local tax credit programs may be deductible as business expenses

Payments under state or local tax credit programs may be deductible as business expenses

Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today.

IRS issue proposed regulations on charitable contributions and state and local tax credits

IRS issue proposed regulations on charitable contributions and state and local tax credits

Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.

IRS offers summer tips for temporary jobs, marriage, deductions and credits

IRS offers summer tips for temporary jobs, marriage, deductions and credits

Before starting a summer job, taking a vacation or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that some summertime activities may qualify for tax credits or deductions. The IRS also recommends that taxpayers check the amount of their withholding taxes now to help avoid surprises next filing season.

IRS provides certain small employers with relief for the small business health care tax credit for 2017 and later years

IRS provides certain small employers with relief for the small business health care tax credit for 2017 and later years

The Small Business Health Care Tax Credit can benefit certain small employers who provide health coverage to their employees. Generally, small employers must provide employees with a qualified health plan from a Small Business Health Options Program (SHOP) Marketplace to qualify for the credit. Also, small employers may only claim the credit for two consecutive years.