This tax season, you may receive a new statement that you aren’t entirely familiar with. With the implementation of the Affordable Care Act last year, taxpayers who bought their health insurance through the Marketplace will receive Form 1095-A, Health Insurance Marketplace Statement. The IRS does not supply the form to you, but instead you will […]
— Read moreMost taxpayers get their W-2 forms from their employers by the end of January. Form W-2, Wage and Tax Statement documents the amount of taxes that have been withheld throughout the year, and state the total amount of income earned. You need this form to file your tax return correctly. If you don’t have this […]
— Read moreThere are various times throughout the year that you may need to refer to your prior year’s tax information. Whether you’re applying for a student loan, refinancing a mortgage, or other financial reasons, you’ll need a copy of your tax return. Don’t have it? Don’t panic. The IRS has many options to help you get […]
— Read moreGenerally, many people are required to file a tax return, which is why they do. But even if you don’t have to, you may still want to. There’s a chance you may be eligible for a tax refund and not even know it. The following six items may give you reason enough to file a […]
— Read moreWhen you’re ready to file your return, you may be interested in knowing how you can save money just by being a parent. The sheer act of raising children can reduce the amount of taxes you owe. The following eight options are available to parent taxpayers: Dependent Deduction: Generally, you can claim your child as […]
— Read moreTaxpayers who have fallen on hard times and have lost their job may be eligible for unemployment benefits. These benefits can be a lifesaver when you need to support yourself, but it’s important to remember that they are taxable. When you file your tax return keep the following facts about unemployment compensation in mind. The […]
— Read moreIf you are planning to claim your medical expenses when you file your tax return, you have to remember a few important tips in order to take a deduction for your medical expenses. Itemize – You are required to itemize your deductions if you want to claim medical expenses. You are not able to take […]
— Read moreIf you’ve never had to pay the Alternative Minimum Tax before, it doesn’t mean that you may not have to pay it in the future. If your income is above a set threshold, this may be your year to pay. The point of the tax is to ensure that taxpayers are responsible for a minimum […]
— Read moreKnowing the difference between capital gains and losses, and how each factors into your tax return can make a big difference on your stress level. Continue reading to learn more about each. Capital Gain Profits made from the sale of assets, such as stocks, real estate and mutual funds is called capital gain. Short term […]
— Read moreTaxpayers who run their own businesses, or freelancers should look for any way possible to save money at tax time. There are three different deductions that can help put more hard earned cash back in your pockets. Business Expenses Self-employed taxpayers can deduct certain business expenses that meet the following criteria: An accepted and usual […]
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