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 … 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. … 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.
H&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 … Read the rest
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.
To provide a range of useful tools to their … Read the rest
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 … Read the rest
If you are planning to paper file, you should know that the IRS no longer sends your paper tax packages in the mail.
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 … Read the rest
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.
The 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 … 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
Freelancers, 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 … Read the rest
If you have ever filed a tax return, then you’ve probably come across the term W-2.
This is an essential tax document that provides an overview of your income and the taxes withheld from your salary every year. You are going to need it to file state and federal returns, so here’s everything you need … Read the rest
There are several new additions to the H&R Block software being released this year, including the “drag and drop” feature to easily import relevant tax information into the software from a range of sources.
What New Features Are Available With H&R Block?
This coming tax year, taxpayers are going to have the option of using … Read the rest
There are many strategies to use house remodeling and upgrades to reduce your taxes.
Remodeling of your house is not usually a cost that 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
One of the most beneficial and popular federal tax credits is the Child Tax Credit. This is a nonrefundable tax credit, and it’s worth up to $2,000 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 below:
… Read the rest
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 pay less money in taxes. Learn how you claim home … Read the rest
The new Form 1040 is different from the old one. This new draft may seem confusing, but we are going to help you understand it. Here are the five things all Americans should know about the new IRS Form 1040.
The New 1040 Form is the Size of a Postcard
One of the main promises … Read the rest
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.
Cashing out of your 401k is an … Read the rest
In order to claim the home office deduction, you must 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 Use
Percentage of … Read the rest
Under current IRS rules, you can deduct a certain amount in mileage rates if you are using your vehicle for business reasons. Every year, the IRS publishes a list of the current standard mileage rates and the amount you can deduct on your taxes.
Let’s look at the standard mileage reimbursement rate and the types … Read the rest
If you recently purchased or built a new home, you might be wondering what tax incentives are available and if there is a new homeowners tax credit.
While there is not a direct tax credit available for buying your home, there are tax advantages to homeownership.
This article will summarize some of these benefits as … 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 … Read the rest