American Tax Service

Helping Americans File Their Taxes

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Who Can Qualify for The Earned Income Credit?

The Earned Income Tax Credit (or “EITC” for short) is an excellent option for low-income families and individual filers to utilize for a larger return and overall cash back from the government when you file your taxes. While fairly straight-forward to understand, many tax filers do no understand how the EITC works, and if they qualify. It’s estimated that nearly 1/5 qualified applicants don’t use the credit.

who can qualify for the earned income credit?

This article will help you understand the basics of the earned income credit, and will also help you determine if you can claim the Earned Income Credit and if you qualify.… Read the rest

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Try the H&R Block Tax Calculator

If you are wondering how much of a Federal tax refund you will get, it’s possible to estimate the amount of your refund with the H&R Block Tax Calculator.

By entering in your income and answering a few simple questions, you can have a good idea of how much you’ll get back from the IRS.

Today, we are sharing how to estimate your tax refund amount for free.

H&R Block Tax Calculator

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What is Capital Gains Tax on Your Home Sale?

What is the capital gains tax rate on homes and real estate?Are you wondering if you’ll have to pay capital gains tax on your home sale?

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.

How Much is Capital Gains Tax on the Sale of a Home?

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

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Child and Dependent Care Tax Credit 

What is the child and dependent care tax credit?When you have young children, one of the most difficult financial burdens is paying for dependent care, but some good news is that there are some relief options when it comes time to file your taxes.

What is the Child and Dependent Care Tax Credit?

The child and dependent care tax credit is available for almost anyone who has a dependent and is working.

The dependent care tax credit is different than the child tax credit, and this article is intended to help you understand how to claim the childcare tax credit.Read the rest

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New Tax Credits and Deductions

Do you want to reduce your tax bill this year? You can maximize your tax savings by checking to see if you’re eligible to claim any of the new expanded tax credits.

The difference between a tax credit and a deduction is a deduction reduces your taxable income, whereas credits reduce the amount of tax you pay directly. Refundable credits are even better because they can reduce your tax bill even if the credit is worth more than you owe. Non-refundable credits are only valid up to the amount you owe.… Read the rest

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Dependents – The Tax Deductions They Bring

Kids can be stressful at times, but the good news is they can save your butt during tax time. Today we are sharing some of the tax benefits that kids and other dependents bring to you.

Dependency Exemption

dependent tax deductionsEach child and dependent can bring you a deduction of $4050. This means that the income that is subject to federal tax is reduced. If you are in the 15% bracket, this could save you $607.50, and those in the 25% bracket could save $1012.50.… Read the rest

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9 Homeowner Tax Credits and Deductions

What is Tax Deductible for Homeowners?

Every new homeowner or buyer wants to know about the tax deductions they can claim. Did you know that your home offers a range of tax benefits?

This is the guide you need to read because the new Tax Cuts and Jobs Act (TCJA) has changed some of the tax breaks you have as a new homebuyer or long-time homeowner.

1. Interest on Your MortgageHow to claim a homeowners mortgage interest tax deduction.

Most people don’t realize that within certain limits, you can deduct your mortgage interest.Read the rest

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How To Find My W2 Form Online With H&R Block

See below how the H&R Block w2 form Early Access finder allows you to get your W-2 online.

What is the H&R Block W2 Finder?

h&r block w2 form early access siteH&R Block’s W-2 Finder s is one of the tools you can use to get your W2 form online and file your taxes fast. And that ultimately means receiving your refund faster as well.

You don’t need to wait for your W-2 to come by mail when using the H&R Block W-2 Finder. Once you pull your W-2 in electronically, it is safely stored and ready to start filing with H&R Block.… Read the rest

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How to Know if You have Capital Gains

 

capital gainsIf 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.

IRS Taxable Income Types

Currently, the IRS allows you to report your income in two taxable brackets that include capital and ordinary.… Read the rest

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Understanding IRS Forms and Documents

Although it may seem tiresome, accurately filing your paperwork goes a long way to ensuring you get the correct refund from the IRS.

One of the most crucial documents involved in the tax declaration process is the IRS 1040 form. It forms the foundation of the tax process, and all US taxpayers should be familiar with the document.

1040 Tax Form

It is simple to use – there are separate sections to fill in your income and deductions, and to outline what you think you should be refunded for.… Read the rest

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How to know if Your Medical Expenses are Tax Deductible

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 if you qualify.

medical expense tax deductionMedical Expenses You Can and Cannot Deduct

You can deduct medical expenses for your spouse, dependents, and your own expenses that qualify.

You are not able to deduct reimbursed medical expenses.… Read the rest

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How Do I Get My W-2 Form With H&R Block Early Access?

Your W-2 Form is vital for filing your taxes accurately and quickly. Your employer is required to send you the W-2 Form by January 31st every year, or the following business day if that day happens to be either a holiday or a weekend. If sent by mail, you may have to wait.

That’s why the free W-2 Early Access feature from H&R Block is such a useful tool because it allows an electronic copy to be sent, so you’ll be able to get started with your taxes early.… Read the rest

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How to Get an Estimate on Your Tax Refund in Five Minutes with H&R Block

H&R Block has become something of an industry disruptor with its simple service that allows you to estimate your tax refund in as little as five minutes.

With the free online tax calculator from H&R Block, you just need your approximate earnings and deductions and you’ll be able to estimate your next tax refund in just five minutes. It will also provide you with information regarding what you can expect to receive the following year.

You’ll need to answer certain questions about health insurance, marital status, age, and the number of dependents you have.… Read the rest

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How to Determine Which Medical Expenses are Tax Deductible

Even if you have the best insurance plan, you still might end up paying medical bills. However, all hope is not lost. You can still get a tax break from your medical expenses that can help reduce your overall medical costs.

Learn what medical expenses are tax deductible.

In 2018, the IRS allowed you to deduct medical expenses that exceeded 7.5% of your adjusted gross income.

Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.… Read the rest