Monthly Archives: April 2015

This year, you should be aware of the Individual Shared Responsibility Provision of the Affordable Care Act, especially when you file your tax return. This provision requires every taxpayer to be covered by a qualifying health care plan every month of the tax year, unless they qualify for a coverage exemption. You also have the […]

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If you are a single parent you know you can face some only one of its kind situations in life, this can include things that come up at tax time as well. Before you file your taxes, you should check out these federal tax considerations: Head of Household – If you were single on the […]

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You can use these benefits you get back some of the costs of tuition or interest paid on student loans, allowing you to maximize your college savings. Educations expenses and Tax Credits – You can use two tax credit to help with the cost of certain items; such as books, supplies, equipment, fees and tuition. […]

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The IRS reports only 4 out of 5 people who qualify for the Earned Income Credit actually claims it, this credit can put $2,400 back in your pocket at tax time. The IRS has developed an easy to use help system that will allow you to determine if you qualify for the credit. If you […]

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If you pay for childcare and are employed you may qualify for the Child Care Credit. If you have paid for someone else to take care of your child or dependent this past year you may qualify to claim a Child Care Tax Credit on your Federal Income Tax Return. What you need to ask, […]

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When tax time rolls around, you’ll probably be anxious to file your return and claim any refund allotted to you. However, many taxpayers fail to fill out their return accurately, which can lead to a delay in processing. It’s important to double check your return before submitting to make sure all the information provided is […]

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Not only is saving for retirement a great investment in your futures, it can also help save you some money at tax time. There are several different ways that retirement savings can have a positive impact on your tax refund, however, remember that penalties do exist for early or late withdrawals. Depending on the type […]

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Having a baby can be one of life’s greatest treasures. From their first smile, first step, first word, and even their first tax deduction- wait, what? That’s right, having a baby not only enriches your life, but also your pocket come tax time. The US Department of Agriculture reports that it costs an average of […]

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This year, income tax time can become quite a headache if you’re not familiar with the health insurance requirements. The Affordable Care Act, also called Obamacare, affects just about every American at tax time. This is due to a mandate that requires every taxpayer to have health insurance, along with a subsidy to help lower […]

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For 2014, taxpayers are eligible to receive an exemption of $3,950 (a fixed amount) if they are responsible for supporting another individual. There are a few other qualifying factors to what is known as the dependency exemption. Provided they meet the requirements, a taxpayer can receive a dependency exemption for each person they support. The […]

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