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.
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
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 $1000 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
Preparing and filing your taxes can be stressful and intimidating. There are lots of different companies that can help you with the process.
But what about the cost of filing your taxes?
Doing your taxes yourself will save you money in most instances.
Planning for your retirement is essential. Most people receive a retirement benefit and advice when they join a large company, but even the most stable working conditions can change. Unexpected costs can tempt you to put your retirement savings on hold in favor of access to quick cash.
Whether you’re approaching retirement or simply changing jobs, you have probably considered cashing out your 401(k).… Read the rest
Every year, the Federal tax brackets chart tends to change. With the new changes to the tax code, under the Tax Cuts and Jobs Act (TCJA), it’s more important than ever to determine which Federal tax bracket you fall into. It could influence how much you pay by thousands of dollars.
Here are the new tax brackets and rates organized by filing status:
|Taxable Income||Tax Rate|
|$0 – $9,525||10% of taxable income|
|$9,526 – $38,700||$952.50|
What many people do not know is that a large portion of homeowners who sell their homes can avoid capital gains tax on their home sale.
When selling your primary home, you can make up to $250,000 in profit or double that if you are married, and you won’t owe anything for capital gains.… Read the rest
Do you want to get a refund the next time you remodel your home?
There is a variety of different local, state, and Federal remodel incentive programs that can help you improve the value of your home.
There is also a range of tax relief options and low-interest loans you can take advantage of, but many of them are difficult to find.
The programs offered by the government are limited to things that increase the value of your home.… Read the rest
As a married couple, you can get around some profit from being taxed. It won’t be for the full amount that typical joint filers file of $500,000, which is based on one spouse’s eligibility for capital gains home sale exclusion.
The profit or gain of the home sale will determine whether you owe or not. You can even sell your home for millions and not owe a dime to the IRS if your profit wasn’t more than the allowable amount. If all the gain is avoidable, you will not owe.… Read the rest
If you are in the process of going through your taxes, it’s time to understand your own taxes. Even if you have a tax professional doing your taxes, it’s still great to organize your files and know what you will owe.
Let’s look at how you should divide up your income and see if you have capital gains or losses to report this year.
H&R Block’s Free Online Tax Filing product is back to make sure taxpayers with simple tax situations are totally covered.
There are some major ways that H&R Block Free is the best option for simple returns.
Not only does H&R Block Free allow you to file Federal and State free, but it also includes more credits and deductions than their competitors and has 45 forms required for filing, more than 2x TurboTax.