American Tax Service

Helping Americans File Their Taxes

By

How Do I Obtain My W-2 Form Online for Free?

obtain w2 form online

Employers are obligated to send out W-2 Forms by January 31st, or the next business day if it falls on the weekend or a public holiday.

But that doesn’t mean you have to receive it by that date. This can be highly frustrating if you just want to file your taxes and get the whole process over and done with.

That’s why services like H&R Block’s W-2 Early Access were created. You can get a copy of your W2 Form through H&R Block free of charge sent to you, so you can get started on your taxes as early as possible.… Read the rest

By

When Can You File Taxes in 2020?

filing taxes online

2019 is coming to an end, and you may be wondering when can you file taxes in 2020?

While you may be looking forward to the holiday season, keep in mind, soon after it ends, tax season officially kicks off.

So, When Does Tax Season Start in 2020?

The Internal Revenue Service has set the opening day for the 2020 filing season as Monday, Jan. 27, 2020. That’s the day the IRS will start accepting and processing 2019 tax year returns.… Read the rest

By

What You Need to Know about the New Child Tax Credit

The original child tax credit, known as the CTC, was first introduced back in 1997, before becoming available to claim in 1998. In the beginning, this was a simple nonrefundable credit for $400, which applied to each qualifying child if they were under the age of 17.

child tax credit

There have been many changes over the last 20 years, with qualifying children being worth a tax credit of $1000 per child. This was refundable for taxpayers who had at least $3,000 of earned income.… Read the rest

By

How to File Taxes With H&R Block for Free

There are so many free tax filing services online today. The problem is choosing the right one. Not every free tax filing service offers the features and the standard of service you would expect.

H&R Block free tax filing

You require accuracy in your tax returns, and you need to make sure you’re going to receive the biggest refund possible. Even small mistakes can cost you big time in late filing fees, audits, and the refund you receive.

You need to know what you’re getting from a free online tax filing service.… Read the rest

By

What Are H&R Block Tax Preparation and Filing Prices?

Preparing and filing your taxes can be stressful and intimidating. There are lots of different companies that can help you with the process.

H&R Block tax filing pricesH&R Block is one such tax company that provides you with all the tools and services necessary to help you file your taxes on your own.

But what about the cost of filing your taxes?

How Much Does H&R Block Cost?

Doing your taxes yourself will save you money in most instances.

For example, H&R Block allows its clients to complete their own taxes online and offers a 35% discount for doing so.… Read the rest

By

New Tax Refund and Reform Calculator at H&R Block Online

The major tax law changes implemented and the Tax Cuts and Jobs Act (TCJA) has a lot of people worried about what it could mean for their taxes. People have a lot of questions, but we can help prepare you for the things that lie ahead.

tax refund reform calculator

To provide a range of useful tools to their clients, H&R Block has unveiled a brand new feature to help taxpayers understand the impact of the recent tax reform.

You’ll be able to find out your new tax liability.… Read the rest

By

How to Get a Fast Tax Refund Date

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 2018, 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 way is to efile and use direct deposit to get the fastest tax refund.

tax refund dateDuring the last tax season, 58% of taxpayers received their tax refunds through this method.… Read the rest

By

How to Figure Out How Much Your Tax Refund Will Be

figure how much is my tax refund?

Are you trying to figure out how much your tax refund will be from the IRS this coming season?

While there’s a few ways to tell, you can get a pretty accurate estimate by using an online tax refund calculator.

By getting a rough idea of the size of your tax refund, you can start making plans as to how you’ll spend that tax refund.

Where to Find a Tax Refund Calculator

Major tax preparation services all offer a tax refund calculator so you can estimate how much your tax refund will be.Read the rest

By

IRS Tax Forms You May Need to File

If you are planning to paper file, you should know that the IRS no longer sends your paper tax packages in the mail.

1040 tax form

If you file your taxes with H&R Block Online, you will find that it is super easy when it comes to getting the right tax form.

This is because the online tax software automatically selects the form that is the best fit for your unique tax situation.

Alternatively, you can order the forms and have them sent to you in the mail by calling the IRS, 1-800-TAX-FORM.… Read the rest

By

Tax Credits for Solar Energy

One of the most valuable tax credits available to homes and businesses is the solar energy tax credit. It’s a tax credit that applies to solar-powered hot water and panel systems. It’s worth up to 30% of the total cost of purchase and installation.

At the end of the year 2015, Congress extended this credit for four years. That means it’s currently possible for you to claim the solar tax credit until the end of 2019 in its current form. It will gradually phase out until 2022 when homeowners can no longer claim it, and it’s only worth 10% to businesses.… Read the rest

By

What is EIC/EITC and Who Qualifies?

The EIC/EITC is known as the Earned Income Tax Credit. This tax credit is available for those who have a low or moderate-income.

EIC, Earned Income Tax CreditThe amount that you receive for this credit is determined based on the filing status you use and your salary for the year.

Those who qualify pay less in federal taxes and can claim the earned income credit when they file their tax returns.

Basic Requirements to Be Eligible

  • You have to have a qualifying child, and they must have a social security number
  • You cannot file married or file separately
  • Your investment income should be no higher than $3,300
  • You have to be a U.S.
Read the rest

By

What is a W-2 Form?

w2 form 2019 2020The W-2 Form is one of the most essential forms in the tax world. It details what you’ve been paid by your employer.

The first point is to remember that the W-2 form is entirely different from your W-4 form. This details any payment that has been withheld as tax by your employer. Any employer that has paid you at least $600 during the tax year must send you a W-2.

Contractors and freelancers will receive 1099s because they don’t have employers; they have clients.… Read the rest

By

Tax Deductions For Mortgage Refinancing

mortgage interest tax deduction

The largest tax deduction most people can claim on any type of mortgage is on the interest paid on the loan.

In most cases, mortgage refinance interest is tax-deductible, which means you can take it off your taxable income for that tax year.

But there are rules that apply.

Rules for Making Tax Deductions on Mortgage Interest

First of all, the loan must be on either your primary residence or a secondary residence. If you are taking the deduction on a second residence, this can’t be a rental property.… Read the rest

By

What is Capital Gains Partial Exclusion for Home Sale?

There are some instances where you may not meet all the tests, but you would be eligible for a partial tax break. If you sell your home due to special or unforeseen circumstances, your tax preparer can talk to you about a capital gains partial exclusion for home sale. These instances would be such as unemployment or a change in your health.

Capital Gains Partial Exclusion for Home Sale

This figure is calculated as a fraction of the time that you would have met the two-year test. Let’s say you lost your job and sold your home after only being in it a year and three months.… Read the rest

By

How Can I Get  My W2 Form Online?

Employers are obligated to send out W-2 Forms by January 31st, or the next business day if it falls on the weekend or a public holiday.

But that doesn’t mean you have to receive it by that date. This can be highly frustrating if you just want to file your taxes and get the whole process over and done with.

w2 form online

That’s why services like H&R Block’s W-2 Finder were created. You can get an electronic copy through H&R Block free of charge, so that you can get started on your taxes as early as possible.… Read the rest

By

Tax Credits for New Home Construction

Are you building a new home?

There are tax breaks available for people in this situation. They come in the form of tax deductions and tax credits. A credit is used to reduce the amount you pay, and a deduction reduces your total taxable income.

Here are some of the tax write-offs available to you now.

Did You Pay Interest on a Construction Loan?

new home construction

If you took out a construction loan to build your home, then chances are you paid interest on that loan.… Read the rest

By

The IRS Form 1040A Explained

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 example, you have to have a taxable income of less than $100,000; you have to take the standard deduction instead of itemizing your deductions.

Filing Status & Exemptions

When preparing this form, you have to list your exemptions and select a filing status before you start reporting your income.… Read the rest

By

Where Can I Find IRS Form 1040 and Instructions?

1040 tax form

IRS Form 1040 is the basic tax form many Americans will use. It also recently received an overhaul.

The new Form 1040 is now going to be the size of a postcard with 1040EZ and 1040-A removed from circulation entirely. However, there are a variety of new schedules, so you need to be aware that you don’t need to give less information; they’ve just been moved to other forms.

So, let’s look at where you can find IRS Form 1040 and instructions.… Read the rest

By

The Six New Form 1040 Schedules

The brand-new Form 1040 has simplified the form and moved many of the original lines to separate schedules. The philosophy behind it is to make filing easier for most Americans, who tend to have extremely simplified tax affairs.

new 1040 form

Most taxpayers never have to use anything other than the new Form 1040. But for those who do need the schedules, we’re going to go through the six new schedules and what they do.

Schedule 1 – Additional Taxes and Adjustments to Income

If you need to report certain types of income or any adjustments, you’ll use this form.… Read the rest

By

Self-Employed Tax Deductions That Save You Money

self employed tax deductionsFreelancers, contract employees, and business owners know that taxes can be a financial make or break. Tax season is normally a period filled with dread as you try to justify costs and scratch together last-minute work to prepare for the worst.

Thankfully, there are many ways you can save money if you are self-employed.

Of course, you can only make the most of these self-employed tax deductions if you know what they are. You’ve probably spent most of the year stressing about the taxman taking your hard-earned money, but the truth is that you’ve earned the right to claim the self-employed tax deductions that come with having your own business.… Read the rest

By

What is IRS Form W-4 and How to Fill it Out

 

w4 withholdings formIRS Form W-4 is a necessary form for changing your withholding limits. Withholding is when your employer will keep a portion of your paycheck for the purposes of using it to pay your tax bill at the end of the year.

Smart taxpayers will take advantage of the W4 withholding calculator to ensure they don’t get hit with a large tax bill they can’t pay the following spring.

Here’s what you need to know about Form W-4.

What is Form W-4 in a Nutshell?

Read the rest

By

What is the Standard Deduction and When Should You Take It?

The standard deduction is a mechanism that reduces the amount of income that’s eligible for tax. For the current tax year, the standard deduction is worth $12,000 for single taxpayers and $24,000 for married taxpayers filing jointly. If you’re filing as the head of household, it’s worth $18,000.

How Does the Standard Deduction Work?

standard deduction

You can claim the standard deduction even if you don’t qualify for any other tax credits or deductions. Every taxpayer is entitled to it, no questions asked.… Read the rest