The Mordfin Blog - Trusted Guidance, Pertinent Finance Topics, & Accounting News...

Submit A File
Mordfin on LinkedIn Mordfin on Google+ Mordfin on Facebook Mordfin on Twitter

MORDFIN Blog

Who can — and who should — take the American Opportunity credit?

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption.

Can the WOTC save tax for your business?

Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in your 2017 hiring, because the credit is also available for 2017.

Investigate the tax benefits of the research credit

If your company engages in research and development, you’re driven to innovate and bring new products and improvements to market. It’s that spirit of discovery that keeps businesses in the United States on the leading edge. Even better, you may qualify for a lucrative federal tax credit for some of your expenses related to R&D. Many states also offer research tax incentives.

Subscribe to Email Updates

Lists by Topic

see all

Posts by Topic

see all