Monthly Archives: December 2018

Parents Take Tax Credits for Kids

You may be entitled to beneficial tax credits when you have children. Some credits are specifically aimed at parents and can be extremely helpful in saving money or in compensating for the cost of raising children. You can claim your child as a dependent in most scenarios, including children who were just born in the […]

Medical and Dental Expenses

New rules apply this year to taxpayers who want to deduct any type of medical expenses from their tax return. These new rules may affect your return and before you file you should be aware of them. If you seek deductions for your medical or dental expenses, familiarize yourself with the following guidelines. Gross adjusted […]

Health Insurance Premiums Tax Credit

Health insurance premiums can be expensive, but fortunately there is a tax credit that can help offset the costs for moderate family income. To claim the premium tax credit, three requirements must be met: health insurance coverage must be obtained through the health insurance market. You can select a plan during the open registration period […]

The Correct Filing Status

The right filing status can not only affect how much you owe, but also what credits you are eligible to receive. The filing status you choose can actually determine if you must file a tax return. For IRS purposes, anyone married on or before 31 December is deemed to be married for the whole tax […]

Help from the Earned Income Tax Credit

Since it was introduced nearly 45 years ago, 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 can […]

About Alternative Minimum Tax

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 […]

Capital Assets

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 […]

Tips for the Self-Employed

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 […]

Five Credits Not To Be Overlooked

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 […]