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
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:
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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
If you pay out-of-pocket (OOP) for medical or dental care, you may be able to write some of it off on your taxes. In some cases, you may be able to write-off some travel costs as well. Even some prescription medication costs can be written-off. This is a valuable deduction opportunity for those without health … Read the rest
Here is a look at 10 tax breaks the government gives to motivate Americans to purchase new homes.
In most cases you can write off all mortgage interest up to $1.1 million for your primary and secondary residences. You can even write off property taxes. Home owners have numerous additional opportunities compared to renters for … Read the rest
Form 1040A is one of the forms that can be used when filing federal taxes in the US. This form is shorter than the original 1040 form however; it is more complex than the 1040EZ form. All taxpayers can use form 1040 yet there are restrictions as to which taxpayers can use form 1040A.
For … Read the rest
Did you spend a ton of money on medical expenses last year? If so, you may qualify for the medical expense tax deduction. This means you must spend more than 10% of your AGI on medical expenses (7.5% if you are older than 65) to qualify. Therefore, go look at your finances now and see … Read the rest
In order to claim the home office deduction it is important that you know the square footage of your entire home and your home office. Auditors do not usually make home visits. If you send them photos of your home office, that is usually all of the verification that they need.
Determine Which Method to
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Tax season is going to be here before you know it. Therefore, now is the time to make sure that you have made all of the energy efficient upgrades to your home.
By having an energy efficient home, you will save money on your bills and you can pay less money to Uncle Sam. Below … Read the rest
There are many strategies to use house remodeling and upgrades to reduce your taxes.
Remodelling of your house is not usually a cost which can be deducted from your federal income taxes, however there are many techniques that you can utilize for home remodeling and upgrades to decrease your taxes. This includes both tax breaks … Read the rest
As a business owner, it is easy to fall into the assumption that all of the costs related to your website are fully tax-deductible, but in reality that is not always the case. Whether speaking of web design, website consulting services, or website software—many costs must be deducted in increments over multiple years as a … Read the rest
If you file with the IRS e-file you will find that it is super easy when it comes to selecting the tax form that you need to file. This is because the tax software automatically selects the form that is the best fit for your unique tax situation.
If you are planning to paper file … Read the rest