Author name: Penrose & Associates

A tax credit is an amount of money that taxpayers can subtract directly from taxes owed to their government. Unlike deductions, which reduce the amount of taxable income, tax credits reduce the actual amount of tax owed. The value of a tax credit depends on the nature of the credit; certain types of tax credits are granted to individuals or businesses in […]

It’s easy to get caught up in choosing investments and forget about the tax consequences, particularly, capital gains tax. After all, picking the right stock or mutual fund can be difficult enough without worrying about after-tax returns. But it’s important to keep consequences in mind, especially for day traders and others taking advantage of the

Generation X is often overlooked in the debates comparing baby boomers and the younger millennials and Gen Z. Here’s one way that Gen X stands out, though it’s probably not for the reason this neglected bunch would like: By most measures, the so-called slackers who came of age in the 1980s currently have significantly more debt than their older

To the millions of people with three rounds of Economic Impact Payments under their belt, stimulus checks may seem like a relic of the early pandemic.  But not, apparently, to fraudsters. The IRS revealed this week that it got “a record number of reports” about stimulus check scams in June and July. Amid curiosity around whether there

The Biden administration has begun to distribute expanded child tax credit payments, giving parents on average $423 this month, with payments continuing through the end of the year. President Joe Biden increased the size of the tax credit as part of his $1.9 trillion coronavirus relief package, as well as making it fully available to families without any tax

Here’s What You Need to Know Cryptocurrency has headlined many news articles, served as the subject of social media posts, and gained significant traction in mainstream culture. Bitcoin, the first digital currency, has grown exponentially in recent years, with a total market capitalization growing from a modest $10 billion in July 2016 to over $1.1

When the extended programs included in the CARES Act came to an end millions of Americans lost their unemployment benefits. Fortunately, Congress has passed a new relief package that, in addition to introducing second stimulus checks and money for vaccine distribution, further extends unemployment benefits to out-of-work Americans. And not a moment too soon. While unemployment benefits

After much political back and forth—and about nine months after the first checks started going out—the second round of stimulus checks is finally hitting Americans’ bank accounts. Many people have tweeted that they’ve already received the second payment, but there are also lots of people concerned about why they haven’t. This time, the checks are

Don’t let the holidays distract you from last-minute opportunities to reduce your 2020 tax bill. Some tactics are only in play for 2020, thanks to the federal CARES Act, so this is the only chance you’ll have to capitalize on them. Here are a few tips for your 2020 year end:   Give generously In

So you’ve been working from home this year as a result of the pandemic. Maybe your office went entirely remote and you’ve been having daily Zoom meetings with coworkers and clients. Or perhaps you were laid off and are now doing freelance or contract work from the comfort of your own home. With tax season