Category Archives: General Filing
There are various times throughout the year that you may need to refer to your prior year’s tax information. Whether you’re applying for a student loan, refinancing a mortgage, or other financial reasons, you’ll need a copy of your tax return. Don’t have it? Don’t panic. The IRS has many options to help you get […]
— Read moreGenerally, many people are required to file a tax return, which is why they do. But even if you don’t have to, you may still want to. There’s a chance you may be eligible for a tax refund and not even know it. The following six items may give you reason enough to file a […]
— Read moreTaxpayers who have fallen on hard times and have lost their job may be eligible for unemployment benefits. These benefits can be a lifesaver when you need to support yourself, but it’s important to remember that they are taxable. When you file your tax return keep the following facts about unemployment compensation in mind. The […]
— Read moreIf you’ve never had to pay the Alternative Minimum Tax before, it doesn’t mean that you may not have to pay it in the future. If your income is above a set threshold, this may be your year to pay. The point of the tax is to ensure that taxpayers are responsible for a minimum […]
— Read moreWhen you chose to move funds from one retirement plan, such as an IRA or Keogh plan, it is called a direct transfer. You can also perform a direct transfer from one company plan to another, or move your money from a company plan to a personal plan. During a direct transfer, you never handle […]
— Read moreEstimated Tax Payments When you have any form of income that isn’t subject to regular taxation, such as retirement distributions or self-employment pay, the IRS may hold you accountable for making payments to cover any amount of tax you may owe at the end of the year. If you don’t pay the correct amount, (your […]
— Read moreAt tax time, any different thresholds and credit eligibilities are dependent upon your specific relationship status. If you’re a newlywed, here’s what changes you should expect when you file your tax return. Filing Status Once you tie the knot before December 31st of the tax year, you file your taxes either jointly or separately as […]
— Read moreDo you have a child under the age of 17? If so, you may be eligible to claim the Child Tax Credit, in which each child is worth a tax reduction of up to $1,000. In situations where the Child Tax Credit is worth more than the amount you owe in income tax, the Additional […]
— Read moreLearning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]
— Read moreIt seems like there’s so much to learn about the tax world. Many terms are relative, and once you learn them, you can apply them to other parts of the tax code. Earned income, for example is a vital definition to know so you can know what parts of your income are taxable. The following […]
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