When filing your taxes, you will often have to choose between itemizing your deductions and taking a standard deduction. You should determine the amount of your deductions using both methods, then select which option reduces the amount of tax you owe. The method that leads to the greatest deduction typically provides the greatest credit. How […]
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If you try to determine the difference between taxable and non-taxable income, remember one basic fact: All income that is not specifically excluded by law is taxable. In essence, any money you receive in the form of wages or tips for work is taxable. In addition, any revenue you earn from property or services, whether […]
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In 2018, it’s $12,000 for single filers and separate married filers, $24,000 for jointly filing married filers and $18,000 for head of household. Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income on […]
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If you choose not to have taxes withheld from your wages, or if you have not paid enough for each paycheck, you may have to make estimated tax payments. Similarly, self-employed people typically pay income tax by estimated payments. Four Important facts about estimated taxes If you think you need to pay estimated taxes, or […]
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It can be stressful to deal with the loss of a job, even if you have just been laid off. You’re struggling to find out how to meet the ends, and unemployment benefits can be the answer to the help you’re looking for. You must remember, though, that they are taxable. You must include any […]
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If you plan to retire by building a savings plan through an IRA or 401 (k) plan, there is a good chance that you can qualify for a special tax credit. The Saver’s credit is available to pensioners and can help reduce your tax liability. The Saver’s Credit, also known by its extended name, The […]
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If you enjoy trying your luck at the tables, watching the slots spin, or hoping to win your horse, any money you have earned from these activities is taxable, the IRS must be advertised. Every once in a while you can enjoy a game of chance, but you should never play your taxes. Follow these […]
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You may be entitled to beneficial tax credits when you have children. Some credits are specifically aimed at parents and can be extremely helpful in saving money or in compensating for the cost of raising children. You can claim your child as a dependent in most scenarios, including children who were just born in the […]
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New rules apply this year to taxpayers who want to deduct any type of medical expenses from their tax return. These new rules may affect your return and before you file you should be aware of them. If you seek deductions for your medical or dental expenses, familiarize yourself with the following guidelines. Gross adjusted […]
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Health insurance premiums can be expensive, but fortunately there is a tax credit that can help offset the costs for moderate family income. To claim the premium tax credit, three requirements must be met: health insurance coverage must be obtained through the health insurance market. You can select a plan during the open registration period […]
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