Monthly Archives: January 2016

Earned Income Tax Credit: Rule 7

It may seem obvious, as this rule is stated in the name of the credit, but in order to claim the Earned Income Tax Credit, you must have earned income from working. Couples who are married will meet this requirement if they file a joint return and at least one spouse has income from working. […]

Earned Income Tax Credit: Rule 6

One important requirement that must be met if you wish to claim the Earned Income Tax Credit relates to your investment income. Any income made from investments has to be $3,400 or less, as taxpayers with more than this limit are not eligible to claim the EITC. Investment income is listed on a Form 1040EZ […]

Earned Income Tax Credit: Rule 5

You cannot exclude foreign income if you want to claim the Earned Income Tax Credit. This means that you can’t file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Doing so would exclude any monies earned outside of the Unite States to be excluded from your gross income. Additionally, you can […]

Earned Income Tax Credit: Rule 4

The 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 […]

Earned Income Tax Credit: Rule 3

In 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 […]

Earned Income Tax Credit: Rule 2

If 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 […]

Earned Income Tax Credit: Rule 1

The 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 […]

A capital asset, including personal property and investments, can be sold for either a loss or a gain. If you sell your assets, you should be aware of the following ten facts regarding capital gains and losses: Assets: Capital assets describe property you own, like a home or a vehicle. The term also encompasses investments, […]

In 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 […]

Getting Familiar with the Form 1095-A

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 […]