Federal Tax Updates

Don’t Miss These Deductions or Credits

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Roger and Annie discuss Congress and IRS roles when it comes to taxes, how tax code is used to encourage behaviors, how tax policy scoring works, and explain deductions versus credits.

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Links mentioned in this episode

Chapters

  • (00:00) - Federal Tax Update E3
  • (01:16) - Don't miss the Deductions on Credits on your Tax Return
  • (09:28) - How tax policy is scored?
  • (14:59) - Limitations of Deductions and Credits
  • (17:57) - Do you take a standard deduction or a Itemized deduction?
  • (22:04) - Deductions on Charitable Donations
  • (24:24) - Gift Tax Returns
  • (28:55) - Education Credits
  • (36:00) - Sole Proprietorship Deductions
  • (40:45) - Refundable Credits
  • (43:00) - What does it cost to raise a child?
  • (46:45) - Updates on the Employee Retention Credit
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    Federal Tax UpdatesBy Roger Harris, EA and Annie Schwab, CPA
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