Tag Archives: exemptions
Estimated Tax Payments When you have any form of income that isn’t subject to regular taxation, such as retirement distributions or self-employment pay, the IRS may hold you accountable for making payments to cover any amount of tax you may owe at the end of the year. If you don’t pay the correct amount, (your […]
— Read moreIf you are a single parent you know you can face some only one of its kind situations in life, this can include things that come up at tax time as well. Before you file your taxes, you should check out these federal tax considerations: Head of Household – If you were single on the […]
— Read moreAnyone who pays taxes and is not claimed as a dependent on anyone else’s return is eligible to receive a personal deduction simply because they are a taxpayer. This deduction is known as a personal exemption, and the amount is a set dollar amount for the entire year. In 2014, the exemption amount was $3,950, […]
— Read moreFor the 2014 tax year, filers can claim exemptions for three different categories, worth $3,950 each, if they meet the requirement for each exemption. Also, taxpayers who are high-income may be subject to a phase-out rule, in which these exemptions do not apply. Yourself: Unless you are claimed as a dependent on someone else’s tax […]
— Read moreIf your girlfriend or boyfriend has unofficially moved their toothbrush into your bathroom, and are constantly crashing at your place, there’s a chance you may be able to consider him or her a dependent on your upcoming income tax. Contrary to popular belief, it’s not just children or relatives who can be claimed as dependents. […]
— Read moreThis year, when you file your taxes, you may find that the government is willing to help offset some of the costs of financially caring for your parents. There a multiple ways that you can get tax assistance for parental support when you file your 2014 return. A new dependency tax care credit, along with […]
— Read more
