Top GOP’s Priorities under Trump: How It Affects You and Small Business Owners

IRS Tax Relief

With Donald Trump back as President, and both the House and Senate in GOP’s power, Republicans become ready to push a set of legislative changes. Most important will be the thorough reform of the U.S. income tax system. The following are some of the top GOP’s priorities and how those changes can influence individuals and small businesses.

An illustration of tax changes coming in 2025
Top GOP’s priorities and tax changes coming in 2025

Key Legislative Changes

Making the 2017 Tax Cuts and Jobs Act, TCJA Permanent

Overview: Major tax reductions and reforms were designed to be temporary, cessation or expiring by the end of 2025. The Republicans … Read more at 2009 Tax.

IRS Low Income Tax Clinics (LITCs)

Low Income Tax Clinics

Free tax help is available for many taxpayers. Low Income Taxpayer Clinics (LITCs) are community-based tax law assistance sites. They are independent organizations funded by the IRS to provide free tax preparation and other basic services to people who have low incomes and limited English skills, who generally make too much money to qualify for IRS Free File.

How Low Income Tax Clinics Help

If you’ve tried to file your tax return and have gotten nowhere, or if you have a tax problem with the IRS and can’t afford an attorney, free tax help may be available to you. The … Read more at 2009 Tax.

H and R Block Giveaway With Your Tax Return

If you didn’t win the Powerball, don’t let it get you down. H&R Block is giving away loads of cash during its H and R Block Giveaway. The lotteries will start on Saturday and continue for the next 32 consecutive days. This giveaway is being called a huge historical sweepstake. The company’s chief marketing officer, Kathy Collins, thinks that it might be the biggest one in history.

During the 2014 tax year, H&R Block completed more than 24 million tax returns. In past years, the company prepared tax returns for a 50 percent discount, and this involved other … Read more at 2009 Tax.

Intuit Study Shows Impact Of The Cloud On Small Businesses

Impact Of The Cloud On Small Businesses

Anyone interested in IRS publication 17 and small businesses will be interested in the Intuit study that demonstrates how the cloud will change small businesses. Many more businesses are moving to cloud computing in some way, for efficiency and success in the long term. Cloud technology offers numerous opportunities for small and large businesses alike. Read more about the Impact Of The Cloud On Small Businesses.

Specialized Services

Specialized services present one opportunity for small businesses, particularly in their seamless integration into back-office functions. Cloud services represent an efficient, tailored solution for small … Read more at 2009 Tax.

Find Out How To Make Your Child Care Expenses Work For You

Get tax credits this summer for your dependent care and Child Care Expenses

A lot of adults pay for day camps or child care during the summer months when they have to go to work. If you are a parent who covers these costs, you may be qualified to receive a federal tax credit that will reduce your taxes. Following are several important facts about the Child And Dependent Care Tax Credit:

  1. You must be paying child or dependent care costs for at least one qualifying person. Dependent children or those who are below the age of thirteen will often
Read more at 2009 Tax.

Considering Your Home Mortgage Tax Deduction

Let Turbo Tax 2014 guide you at tax time.

Many people debate the merits of having a mortgage tax deduction when they file their taxes.

It makes sense to work at lowering your taxable income and getting all of the credits and deductions that you are entitled to, and claiming mortgage interest may be at the top of the list for you. Some homeowners think so much of this deduction that they forgo paying off their mortgage in spite of having enough money to do so. The question becomes whether it makes more sense to keep the savings or eliminate … Read more at 2009 Tax.