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EITC 101: How to Increase Your Tax Refund
Historical Content: This article was published in 2023 and the dollar amounts, income limits, and credit values referenced may have changed. The OBBBA (July 2025) updated many tax provisions including the Child Tax Credit (now $2,200/child). Check current IRS guidance for up-to-date figures. The Earned Income Tax Credit (EITC) can put money back in your…
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Social Security Tax Puzzle: How to Make Sense of it all
As with any tax question, your situation may be different and you should consult with a tax advisor or legal counsel before acting. If you receive social security benefits as cash income, then that money could be taxable. There definitely is a form to figure it out though lets look at some general information from…
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History of US Income Tax (Part 1)
The United States income tax was first introduced in 1861 as a way to fund the Civil War effort. It was the first federal income tax law. The Revenue Act of 1861 had the stated purpose of providing for the “common Defense and general Welfare” and the “support of the Government.” The existing tariffs on…
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Tax Cut and Jobs Act of 2017
Update (April 2026): The One Big Beautiful Bill Act (signed July 4, 2025) permanently restored 100% bonus depreciation for qualifying property acquired after January 19, 2025. The phase-down schedule described in this article has been reversed. The OBBBA also permanently increased the Qualified Business Income (QBI) deduction from 20% to 23% for tax years beginning…
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Meals and Entertainment Deductions
The tax deduction for meals and entertainment expenses for US businesses have been a topic of interest for many years. These deductions were first mentioned in the Internal Revenue Code (IRC) in 1926, when the tax code was first established, and have undergone various changes since then.
