Category Archives: General Filing
When tax time rolls around, you’ll probably be anxious to file your return and claim any refund allotted to you. However, many taxpayers fail to fill out their return accurately, which can lead to a delay in processing. It’s important to double check your return before submitting to make sure all the information provided is […]
— Read moreNot only is saving for retirement a great investment in your futures, it can also help save you some money at tax time. There are several different ways that retirement savings can have a positive impact on your tax refund, however, remember that penalties do exist for early or late withdrawals. Depending on the type […]
— Read moreThis year, income tax time can become quite a headache if you’re not familiar with the health insurance requirements. The Affordable Care Act, also called Obamacare, affects just about every American at tax time. This is due to a mandate that requires every taxpayer to have health insurance, along with a subsidy to help lower […]
— 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 moreIf you are claimed as a dependent on someone else’s tax return, you still may be required to file your own return. To determine whether or not you need to file, consider the following definitions and how they relate to you: Unearned Income – is any taxable interest, ordinary dividends, and capital gains distributions you […]
— Read moreSome recipients of Social Security benefits may be subject to taxes on the income received. Since some taxpayers find that their benefits aren’t taxable, the IRS is the best place to go to determine which benefits you will be responsible for paying taxes on. Anyone who received Social Security benefits for the current tax year […]
— Read moreMinimum Essential Coverage is the health care plan that meets the lowest requirements of the Affordable Care Act, and will help taxpayers avoid penalties assessed for not having insurance. Taxpayers must have minimum essential coverage during the tax year, or they can face a fee for each month that they aren’t covered. However, there is […]
— Read moreIf you submit a tax return and are expecting a refund, you may experience a delay, or even an alteration of your refund, if certain conditions are present. The circumstances that may delay a refund are: You owe individual or business taxes for previous years, which can offset any refund amount You owe child support […]
— Read moreYou can use the following guide to understand what each box of your W-2 reports. Box 1- reports all wages, tips, bonuses, prizes, and compensatory benefits. Not included in this income are elective deferrals for retirement funds, payroll deductions, or benefits before tax. Box 2 – indicates the amount of money withheld from your pay […]
— Read moreTaxpayers who seek a loan for the purchase of a home are likely aware of the tax savings that come with points deductibility. However, refinancing may afford you the same tax breaks. Typically, refinancing requires the homeowner to subtract loan points over the loan’s term. If any portion of the money received from refinancing is […]
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