Monthly Archives: November 2015
Do you have a child under the age of 17? If so, you may be eligible to claim the Child Tax Credit, in which each child is worth a tax reduction of up to $1,000. In situations where the Child Tax Credit is worth more than the amount you owe in income tax, the Additional […]
— Read moreLearning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]
— Read moreIt seems like there’s so much to learn about the tax world. Many terms are relative, and once you learn them, you can apply them to other parts of the tax code. Earned income, for example is a vital definition to know so you can know what parts of your income are taxable. The following […]
— Read moreUsing the status married, filing separately on a tax return is appropriate for couples who want to keep all of their financial records separate, including their income and expenses. However, if you chose to file separate tax returns, you may not miss out on important deductions and credits that are only available to married couples […]
— Read moreTaxes can be difficult to prepare on your own, and as a parent, the addition of dependents can make things even more difficult. However, by claiming your child(ren) as a dependent, you become entitled to a variety of tax savings from the government. In order to maximize your benefits as a parent, follow these tips: […]
— Read moreAt tax time, anything that can help save you money off your tax bill is highly welcomed. These two tax items can put more money in your wallet, where you need it most. Deductions Deductions are a great way to reduce the amount you owe in taxes at the end of the year. Expenses that […]
— Read moreSaving for retirement is a great way to gain financial strength. Many taxpayers opt for a 401(k) savings plan. There are two different types of 401(k) plans, and you should be aware of what makes them different from each other. Traditional 401(k) This type of plan is sponsored by your employer and allows you to […]
— Read moreLife as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom – most of the time. At tax time, being a freelancer can be daunting if you haven’t kept good records or don’t know what to expect. Filing your taxes can […]
— Read morePaying for someone else to look after your child while you work can get costly. Thankfully, there’s a tax credit that can help you recover some of those costs. The Child and Dependent Care Credit can be claimed by taxpayers who paid a caretaker as responsible for their child under the age of 13, or […]
— Read moreThe standard deduction is allotted to all taxpayers by the IRS. It represents an amount of income that the government will not tax. Taxpayers who want to simplify their returns and opt not to itemize can claim the standard deduction. Just chose the correct filing status, and check the box for the standard deduction. In […]
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