Category Archives: Credits
Paying for educational expenses isn’t easy. At tax time, there are certain educational tax credits that can help offset some higher education costs by lowering the tax liability of households with eligible students. There are even some circumstances where one may be eligible for a tax refund. The two major education tax credits are: American […]
— Read moreFinding quality care for your children while you work or look for work can be costly. Thankfully, the IRS offers the Child and Dependent Care Credit for taxpayers who incur expenses relating to child care in order for them to work. This federal credit also applies to families who pay for the care of an […]
— Read moreHaving a child is an exciting time in a parent’s life, from birth right up until – tax time? That’s right, children can save you money when filing your federal income tax return. If you’re the parent of a new child, you’ll be happy to know that it doesn’t matter what day throughout the year […]
— 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 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 […]
— Read moreThe Earned Income Tax Credit requires that you aren’t a dependent of another person if you wish to claim it. Single filers meet this test if box 6a on a Form 1040 or 1040A is checked, or if you don’t check the box listed as “You” on line 5 of a Form 1040EZ, and you […]
— Read more
