Category Archives: Credits
You may be eligible for a tax credit if you are responsible for expenses related to the care of a child under the age of 13, or a dependent or spouse who is mentally or physically unable to care for themselves. This tax credit is for any costs you incur in relation to their care […]
— Read moreThe Affordable Care Act requires everyone to have health insurance, or face a penalty at tax time. There are some situations in which a person can be exempt from the penalty. Individuals who believe they qualify for a hardship exemption or a pre-defined exemption need to fill out Form 8965 (Health Coverage Exemptions) and file […]
— Read moreBefore you file your 2014 federal taxes, you should be aware of how the Affordable Care Act will impact your return. Depending on if you have health care coverage and where you received it from, you may notice a larger impact this tax season. Many taxpayers have healthcare coverage through their employers, government provided plans […]
— Read moreThe tax season is rapidly approaching, and it’s as good a time as any for taxpayers to make sure they understand the relationship between their health insurance tax credit and the two tax forms which help calculate the amount of credit an individual is due. For 8962 (Premium Tax Credit) and Form 1095-A (Health Insurance […]
— Read moreThe IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]
— Read moreAny individual who bought a health care plan through the Health Insurance Marketplace can expect to find a Health Insurance Marketplace Statement, also known as a Form 1095-A, in their mailbox by January 31,2015. Many Americans have chosen to take a premium tax credit in advance, which will help subsidize their monthly premiums. This credit […]
— Read moreThere are a wide variety of tax credits available for those who are disabled. These credits and deductions can lower the amount of taxes that you owe, and can even lead to a refund. According to the IRS, you are considered disabled under two conditions: You have a psychical or mental disability that limits your […]
— Read moreIf you’re planning for your retirement by building a savings through an IRA or 401(k) plan, there’s a god chance you may qualify for a special tax credit. The Saver’s Credit is available to those with retirement plans, and can help reduce your tax liability. Also known by its extended name, The Retirement Savings Contribution […]
— Read moreIf you have children, you may be entitled to beneficial tax credits. There are a few credits that are specifically targeted towards parents, and can be extremely helpful when it comes to saving money or offsetting the costs of raising children. In most scenarios, you can claim your child as a dependent, including children just […]
— Read moreHealth insurance premiums can be expensive, but thankfully there is a tax credit that can help offset the cost for moderate income families. There are three requirements that must be fulfilled in order to claim the premium tax credit: Health insurance coverage must be obtained through the Health Insurance Marketplace. You can choose a plan […]
— Read more
