Monthly Archives: December 2018

Filing Statuses

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 […]

Tax Donations

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 […]

Form 1099-MISC

More people are required to submit 1099-MISC forms throughout the country, as the IRS is diligent in ensuring that you pay your taxes–even if you are an independent contractor. Your customer sends the IRS a 1099-MISC form, which the IRS compares with the form you submit. It’s a bad idea to ignore a 1099-MISC because […]

Retain Your Records

Once you have submitted your taxes, you should keep all your records and supporting documents safe if you have to refer to them or if you are audited. But how long do you have to keep your records? The IRS has some tips to help you figure out how long your documents should be stashed. […]

The Right Filing Status

The tax benefits and tax rates and deduction amounts available to you depend on the filing status you choose. Your status will be determined by your marital status at the end of the year and whether you have dependents or not. Married-Separate or Joint If you are married as of 31 December, you are considered […]

Education in Tax Credits

For those who pay for their education, some tax credits can help to reduce the amount due. For those responsible for education expenses, such as tuition, fees, textbooks, supplies and equipment, the American Opportunity Credit and the Lifetime Learning Credit are available. Some expenses incurred, such as insurance, transport and personal charges, are not eligible […]

Claiming Dependents?

In order to get a little extra cash back this tax season, consider the benefits you can claim as dependents for children or adult relatives. For each dependent you claim that you qualify, you may be eligible for an additional tax credit that can reduce your tax liability and save you money depending on the […]

Form 2441 Child and Dependent Care Credit

It can be expensive to hire a professional to care for a disabled adult or to pay for childcare services for children under 13. Fortunately, the government has a tax credit to reduce these costs and put more money in your pocket. The child and dependent care credit can put up to 35 percent of […]