Monthly Archives: February 2016
Once you graduate, if you opted to finance your education, you’ll be responsible for paying back any student loans. While you won’t see a direct tax break in accordance with student loan repayment, you can deduct interest that you’ve paid, up to $2,500. Student loan interest is deducted through Form 1040, on line 33. Using […]
— Read moreAlthough most Americans are required to file a tax return, there are cases where some taxpayers aren’t required to file. However, it may be in your best interest to file, even if you don’t necessarily have to. If you made estimated tax payments or had federal income tax withheld from your paycheck, you may be […]
— Read moreCollege students are eligible for some important tax credits that can benefit you in a big way when you file your return. Whether you’re enrolled yourself, or you’re the parent of a college student, you can claim different educational deductions and credits. There are two different types of educational tax credits, and each one is […]
— Read moreDeducting expenses you racked up during your education can offer a little bit of a break at tax time. Certain educational expenses qualify while other do not. The general rule is that “qualifying” educational expenses include money you paid for tuition and other fees for an eligible student. While that seems like it covers a […]
— Read moreMany seniors receive Social Security benefits as part of their income, however whether or not those benefits are taxable is reliant on any other benefits or income received throughout the year. Monthly retirement, survivor, and disability benefits are all included in Social Security income, although supplemental security income (SSI) benefits are non-taxable and therefore not […]
— Read moreOnce you’ve passed all the other requirements to claim the Earned Income Tax Credit, including understanding what counts as earned income, all that’s left is to understand the income limits. The limitations increase each year, and are dependent on the number of qualifying children and your filing status. For 2015 the Earned Income Tax Credit […]
— Read moreYou need to have lived in the United States for over half of the year in order to claim the Earned Income Tax Credit. For the purposes of the credit, the residency test includes any of the fifty states and the District of Columbia. Puerto Rico, Guam, and other U.S. possessions and territories are not […]
— Read moreIf you want to claim the Earned Income Tax Credit, you cannot be a qualifying child of any other taxpayer. You’re considered a qualifying child if you’re: a son, daughter, stepchild, foster child, or descendant of those a brother, sister, half-sibling, step-sibling, or a descendant of those AND You’re under the age of 19 at […]
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