Monthly Archives: November 2014
The housing market in the US is finally starting to kick back in high gear, after a few years stalled on the wayside. With this recent shift in the real estate market, a review of the taxes (and appropriate tax breaks) associated with home sales is in order. The application of taxes can be tricky, […]
— Read moreDo You Qualify for the Earned Income Tax Credit? For low to moderate income families, the Earned Income Tax Credit is available to help reduce the amount of federal income taxes that you owe. The refundable credit is available to families who earn the majority of their income through working (opposed to investing) and can […]
— Read moreIf your girlfriend or boyfriend has unofficially moved their toothbrush into your bathroom, and are constantly crashing at your place, there’s a chance you may be able to consider him or her a dependent on your upcoming income tax. Contrary to popular belief, it’s not just children or relatives who can be claimed as dependents. […]
— Read moreRaising children can be expensive for working families. That’s why in 1997 the federal government enacted the Child Tax Credit (CTC) in which eligible families can receive a credit of up to $1,000 per child under the age of 17. The Child Tax Credit has received bipartisan support, and was expanded in 2001. A qualifying […]
— Read moreChild care can be expensive, and many parents have to arrange care around their work schedule or school breaks. When children are out of school during the summer, child care expenses can begin to add up. The federal government is stepping in to help by offering a tax credit for child care expenses for any […]
— Read moreWith the implementation of the Affordable Care Act, Americans who chose to opt out of health coverage will end up paying a rather high penalty. For a five person family with a high income, the penalty can max out at over $12,000 in 2014. This penalty is expected to rise significantly in 2015 and continue […]
— Read moreWhat next step do you take when you discover inaccuracies in your filed tax return records? The solution depends on the circumstances and nature of change. What happens when your past year dividend income suddenly changes after you receive an updated form from a brokerage house or financial institution? In most cases, the difference is […]
— Read moreThis year, when you file your taxes, you may find that the government is willing to help offset some of the costs of financially caring for your parents. There a multiple ways that you can get tax assistance for parental support when you file your 2014 return. A new dependency tax care credit, along with […]
— Read moreFor those who have recently graduated from college, saving up enough money to make ends meet can be a difficult challenge. However, there are tax breaks available for those who have earned their degrees which can keep a little extra money in their pockets. Here are four tax breaks and credits that new college graduates […]
— Read moreYou Can Still Claim Certain Deductions. Filing taxes is a stressful affair, causes anxiety and can be highly confusing. Should you take the standardized tax deduction of $6,200 for singles? Double that amount for couples. Itemizing your tax deductions may give you a bigger refund. Itemizing deductions will necessitate keeping all your medical, tax, and […]
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