Uncategorized March 30, 2019

I can deduct THAT? Cesspools, Subsidies & Summer Camp

By Richard Streitfeld, CPA & Mortgage Mensch 

The change in the itemized/standard deductions in no way affects your ability to claim business or rental deductions.

If you receive health insurance subsidies through Obamacare, you will receive Form 1095-A, used to reconcile the subsidies to your actual taxable income. You may pay more or less tax as a result. This is NOT affected by Congress’ elimination of the individual mandate, which takes effect in 2019

If you file a Rhode Island return and contributed to the State’s 529 College Savings Plan, you are eligible for a deduction from income of up to $500 or $1000 (depending on your filing status) when you file the RI return

Many businesses are not aware of the Research and Development tax credit, available both federally and in many states (including Rhode Island and Mass). Not your garden variety credit. E-mail me early to explore.

Cesspool overflowing? If you live in Mass, you may qualify for up to $15,000 in state credits ($1,500/ year) for repair of failed systems.

If you paid for your child(ren) age 13 or under to attend day camp or after school activities, you may qualify for the Child and Dependent Care Credit.

For more information and great advice, contact Richard Streitfeld, CPA 401-223-0205  Find Rich the Mortgage Mensch on Facebook