A tax refund can go a long way in changing the life of its receiver, whether it is saving or paying debts. In fact, in 2015, the total tax refund amount was approximately $2800 for almost 75% of taxpayers receiving a tax refund. So, how to do you get your tax refund faster? The recommended … Read the rest
Most people don’t realize that certain tax deductions are periodically adjusted. These changes are made for any number of reasons, including shifting inflation figures, changes in legislation, and necessary adjustments made by the federal bank.
While the changes may seem inconsequential, private claimants and businesses alike can benefit from a thorough knowledge of these new … Read the rest
If you received a large refund last year or are anticipating one this year, it is possible to estimate the amount of your refund today. There are no guarantees when it comes to taxes, but by using your pay stub amounts you can have a good idea of how much you can expect.
Today, we … Read the rest
Did you know that one of your best tax breaks available might be selling your home?
Homeowners are already aware that there are numerous tax breaks available during tax season, such as mortgage interest and property tax deductions. However, what many do not know is that a large portion of homeowners who sell their homes … Read the rest
One of the most beneficial and popular federal tax credits is the Child Tax Credit. This is a nonrefundable tax credit but it is worth up to $1,000 per qualifying child.
Who is Considered a Qualifying Child?
The IRS considers a qualifying child to be a child that meets all of the criteria’s below:
… Read the rest
Homeowners are usually well informed about the home-related tax deductions that they can make at filing time. However, when purchasing a home, other costs can quickly accumulate. For buyers who can’t come up with a 20% down payment on the purchase price, they will have the added cost of private mortgage insurance (PMI).
The PMI … Read the rest
Although an incredible number of families currently claim this unique tax break for wage earners with low earnings, the IRS says substantially more qualify for this refundable tax credit yet neglect to take advantage of it.
The guidelines for (EIC) Earned Income Credit Table were recently liberalized; therefore many more families meet the requirements and … Read the rest