Siming Tan-Tax Pro Philadelphia

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Today tax tip:
Criteria to meet child tax credit:

The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit.

You can also receive additional child tax credit refund by filing for 8812 with eligible criteria.

Today tax tip:
Share what non custodial parents can claim as child related tax credit

有需要的可以联系，2021年的个税申报你还在等吗？现在联系可以有八折优惠哦！
make your reservation today for your 2021 IIT return spot and get 80% discount!

Check more details for
COVID-19-Related Tax Credits for Paid Leave Provided by Small and Midsize Businesses FAQs

COVID-19-Related Tax Credits for Paid Leave Provided by Small and Midsize Businesses FAQs | Internal Revenue Service Overview of COVID-19-related paid sick and paid family leave tax credits.

Quick Rule: Is My Social Security Income Taxable?

According to the IRS, the quick way to see if you will pay taxes on your Social Social Security income is to take one half of your Social Security benefits and add that amount to all your other income, including tax-exempt interest. This number is known as your combined income (combined income = adjusted gross income + nontaxable interest + half of your Social Security benefits).

If your combined income is above a certain limit (the IRS calls this limit the base amount), you will need to pay at least some tax.

The limit is $25,000 if you are a single filer, head of household or qualifying widow or widower with a dependent child. The limit for joint filers is $32,000. If you are married filing separately, you will likely have to pay taxes on your Social Security

For the 2019 and 2020 tax years, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.

For married couples filing jointly, you will pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000. If you have a combined income of more than $44,000, you can expect to pay taxes on up to 85% of your Social Security benefits.

Hardest part of tax time for you?

今天税务小提示：
你知道吗？ 申报税务身份状态是单身的或结婚的可以获得750,000的贷款利息税前明细抵扣额度，结婚单独申报状态的每人可以获得375,000的抵扣额度。

Do you know single filers and married couples filing jointly can deduct the interest on up to $750,000 for a mortgage, while married taxpayers filing separately can deduct up to 375,000 each. ... All of the interest you paid is fully deductible

Happy holidays!

今日税务小贴士：2020超过调整税收收入7.5%的符合条件的医疗费用可明细抵扣。

today tax tips: in 2020, the IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 7.5% of their adjusted gross income.

今天税务小贴士： 如果你的2020纳税身份是单身，符合税务明细抵扣的费用超过你的标准抵扣 12400. 如果你的2020纳税身份是联合婚姻报税，符合税务明细抵扣的费用超过你的标准抵扣24800，应充分利用当年明细抵扣。

tax tips for today: utilize your itemization deductions in 2020 if your when your qualified expenses add up to more than the 2020 standard deduction of $12,400 for most singles and $24,800 for most married couples filing jointly.

have a good night!

今天税务小贴士 为了避免IRS的少缴税费罚款 每年务必预缴预估个人所得税：去年个人税费的100%或今年所得税费90%，两者较小的金额。

today’s tax tip for your estimated tax payment:

you must pay 100% of last year’s tax liability or 90% of this year’s tax or you will owe an underpayment penalty

Happy Hanukkah!

今日税务小贴士： 你是否符合教育相关的税收抵减？获取更多关于美国机会税收抵免，终身学习税收抵免，教育储蓄账户税收减免，529计划。

tax benefit on education provision? Get more information you need for eligibility for AOC, lifetime learning credit, coverdell education savings，529 plan.