If you electronically file your tax return, you will receive an email within 48 hours. This email will tell you to sign into your account, to see if your return was accepted. If your return was not accepted, you can correct your return resubmit it to IRS at no charge. When your return is accepted […]
— Read moreIt’s nice to work hard and get a bit of a break at tax time. The Earned Income Tax Credit (EITC) does exactly that for workers who earn a lower income, giving back some of the taxes these workers paid. It’s refundable, so eligible taxpayers without a tax liability can receive money back from the […]
— Read moreThe Health Insurance Marketplace sells four different types of plans: bronze, silver, gold, and platinum. These four plans provide varying levels of coverage, and the cost varies, with platinum plans being the most expensive. The Second Lowest Cost Silver Plan (SLCSP) is the silver plan that has the second to least expensive available in the […]
— Read moreIn most situations, you can only claim a child as a dependent if they lived with you for over 50% of the tax year. It’s standard that the taxpayer with whom the child lives with, in most cases the custodial parent, has the right to claim the child and the associated credits and exemptions. There […]
— Read moreAt tax time, you’ll see reference to “adjusted gross income (AGI)” many times throughout your forms. Many credits and deductions apply income thresholds and brackets which are dependent on your AGI, so it’s important to know how to determine your adjusted gross income. First, you’ll have to know your gross income. From that amount, you’ll […]
— Read moreThere are nine different states that don’t tax wages. For residents of the other fourth-one, tax season requires the filing of both a federal income tax return and a state return. While paying taxes to the state may not be ideal in your mind, there’s one highlight: State taxes may be able to reduce your […]
— Read moreIf you use your car for business purposes, the IRS allows you to deduct expenses incurred from your taxable income. You will have to itemize your deductions, which is done on Form 2106 (employee Business Expenses), if you were reimbursed by your employer. Form 2106-EZ can be used if you didn’t receive any form of […]
— Read moreFreelancers, contractors or other consultants, even if they work part-time on the side, can often have a more complex tax situation than the standard employee. You are an independent contractor in the eyes of the IRS if you receive a Form 1099-MISC. This form documents your earning from a specific client, as opposed to a […]
— Read moreWhen you go to file your state return this tax season, you should know if your state is one of the growing number of states that require a driver’s license to e-file. Most recently, New York State has become one of the states to require taxpayers to use information from a driver’s license or state-issued […]
— Read moreBecause of the changing state of the demographics throughout the nation, there’s a new type of dependent claim on the rise: Parents and adult children of middle-aged taxpayers. As a taxpayer, if you manage the daily care and financial support of one or more of your parents, and your parents can be classified as a […]
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