Since it was introduced nearly 45 years ago, the earned income tax credit has boosted the income of low and moderate income staff. The IRS reports that four out of every five EITC employees claim the benefit, but they would like to see everyone who qualifies benefit from it. If you qualify, this tax credit […]
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Many taxpayers who receive a refund choose to deposit directly. Actually, it is the best way to receive payment for a federal tax refund. It is completely safe and delivers the cash you have the right to, especially when combined with electronic filing methods, quickly and easily. About 95 million taxpayers opted for direct deposits […]
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If you heard about the Alternative Minimum Tax, you probably wonder if it applies to you and what to expect if it applies. If your income exceeds a specific amount, you may fall under the Alternative Minimum Tax guidelines. The purpose of the AMT is to keep a minimum tax payment for those who choose […]
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Personal or investment property owned by you is typically a ” capital asset. ” Examples include materials such as a house or a car and investment items such as stocks and bonds. When a capital asset is sold, capital gains or losses occur. Whether you consider selling a capital gain or loss depends on the […]
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Tax time can be confusing if you are a self – employed. It is not difficult to file a federal tax return, and with a little information, independent contractors and small business owners can easily file returns just like the rest of the taxpayers. Understanding what is classified as self – employed income and your […]
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Not much can make you happy when it’s time to pay taxes. During the tax season, the tax credit can be your friend and ally, so it is important to know for which credits you can qualify. Tax credits reduce the amount of tax that you pay and some of them are even reimbursable. You […]
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A retirement fund is a smart financial decision to help offset the costs associated with life after employment. However, situations can occur that require you to withdraw some cash earlier than you expected from your savings plan. In this way, you can activate an additional tax and report withdrawals to the IRS. The following facts […]
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If you are a parent and have to work, there is a good chance that you will have to pay for your child’s care during work hours. This can be quite expensive, but thankfully there is a tax credit which can help to compensate for the cost of childcare. The is the Child and Dependent […]
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There is a variety of status in which you can file your taxes and the difference between them can help you determine which status you should file. At tax time, you can make the process as easy and smooth as possible with all the help you can get. What are the tax ratings? You can […]
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Do you know that many donations you make to the charity can be deducted from tax? That’s right, you can turn your household goods into a tax benefit that you no longer need. So, as you walk into the back of your closet, keep track of all the donated items. You ‘re responsible for reporting […]
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