Deciding to become a landlord can be highly beneficial for you financially. However, it also comes with a significant amount of work.
As well as the general responsibilities associated with running a rental property, you need to find tenants, pay all your expenses, and ensure you have insurance.
In personal tax terms, renting out a property can complicate the situation. There are rental property tax deductions available to help you out with running your business, though.
Different deductions are available from the IRS.… Read the rest
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.
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
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 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
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.
There have been many changes over the last 20 years, with qualifying children being worth a tax credit of $2000 per child. This was refundable for taxpayers who had at least $3,000 of earned income.… Read the rest
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.
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