Despite the changes that came with the Tax Cuts and Jobs Act, clients can still claim the child and dependent care tax credit on their 2018 returns. Working parents who paid for day care, summer camp or a babysitter should take advantage of this tax break, which can help them save as much as $1,050 per child below age 13. Those who intend to claim are advised to pay their babysitter legally and remit the necessary employment taxes. “In general, the nanny tax is paid as part of your tax return,” an expert says. To read the full article in…
-
-
Five Limited Partnerships Owned Real Estate Complexes Built in Accordance with Federal Low Income Housing Guidelines The Appraisal Institute Newsletter notes that Bankruptcy cases assigning value to apartment buildings owned by debtors are required to include the value of remaining low-income housing tax credits. The news was originally reported by Bloomberg BNA on July 3. A valuation order setting market price of debtors’ low-income housing properties must consider tax credits that are covenants running with the real properties. The fair market value of apartment buildings in a bankruptcy case must include the value of the remaining federal low-income housing tax credits, the Bankruptcy…
-
Far fewer small employers claimed the health insurance tax credit for small businesses in the health care reform law than were eligible, according to a new government report. So reports Michael Cohn at Accounting Today: The Small Employer Health Insurance Tax Credit was included in the Patient Protection and Affordable Care Act of 2010 as a way to help small businesses pay for the cost of health insurance. But the complexities of claiming the credit contributed to a relatively low popularity for the tax credit among both small businesses and their tax preparers. While 170,300 small employers claimed the…