Tag Archives: tax credit
Tax credits reduce the amount of income tax you owe to the government, both federal and state dollar-for-dollar. Tax credits are offered as a reward for stimulating the economy, the environment, or other governmental concerns in a beneficial way. Most tax credits cover expenses that are paid during the year, however there are certain requirements […]
— 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 moreThe Earned Income Tax Credit is only available to U.S. Citizens or resident aliens. You must have citizenship or residency for the entire tax year, as those who have nonresident alien status for any portion of the year are not able to claim the EITC, unless they file jointly with their spouse. However, one spouse […]
— Read moreIn order to claim the Earned Income Tax Credit (EITC) as a married couple, you generally are required to file a joint return. Therefore, you can’t use the “married, filing separately” status if you want to claim the EITC. In some cases, your spouse may have lived separately from you for the final six months […]
— Read moreIf you wish to claim the Earned Income Tax Credit (EITC) and you fall under the income limitations in relation to your adjusted gross income, the next rule you have to meet requires you to have a valid Social Security Number (SSN). If you file jointly with your spouse, both parties have to have an […]
— Read moreThe Earned Income Tax Credit (EITC) is a great way for low-income workers and their families to receive a little extra assistance during the tax season. There are seven major requirements a taxpayer must meet in order to pre-qualify for the EITC. If you meet all seven, there are additional rules that you have to […]
— Read moreIn 2014, the Affordable Care Act made some significant changes to American’s tax returns. You’re likely still getting used to the whole lot of regulations and requirements, which means you may not be completely familiar with the Premium Tax Credit. Anyone who purchased health insurance coverage through the Marketplace may be eligible for help with […]
— Read morePaying for someone else to look after your child while you work can get costly. Thankfully, there’s a tax credit that can help you recover some of those costs. The Child and Dependent Care Credit can be claimed by taxpayers who paid a caretaker as responsible for their child under the age of 13, or […]
— Read moreHaving a baby means eighteen plus years of expenses related to the care of that child as they grow and develop. The IRS offers a tax credit for parents who have had a baby during the tax year. This credit is worth $1,000 per child, as long as your income is less than $110,000 (joint […]
— Read moreIf you’re married, you have two different status options for filing your taxes. You can file Married, Filing Separately, or Married, Filing Jointly. Whether or not you share a bank account, or have separate financial accounts doesn’t actually matter. What does matter is your marital status. Filing your tax return separately from your spouse’s is […]
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