In order to claim the Earned Income Tax Credit (EITC) as a married couple, you generally are required to file a joint return. Therefore, you can’t use the “married, filing separately” status if you want to claim the EITC. In some cases, your spouse may have lived separately from you for the final six months […]
— Read moreIf you wish to claim the Earned Income Tax Credit (EITC) and you fall under the income limitations in relation to your adjusted gross income, the next rule you have to meet requires you to have a valid Social Security Number (SSN). If you file jointly with your spouse, both parties have to have an […]
— Read moreThe Earned Income Tax Credit (EITC) is a great way for low-income workers and their families to receive a little extra assistance during the tax season. There are seven major requirements a taxpayer must meet in order to pre-qualify for the EITC. If you meet all seven, there are additional rules that you have to […]
— Read moreA capital asset, including personal property and investments, can be sold for either a loss or a gain. If you sell your assets, you should be aware of the following ten facts regarding capital gains and losses: Assets: Capital assets describe property you own, like a home or a vehicle. The term also encompasses investments, […]
— Read moreIn 2014, the Affordable Care Act made some significant changes to American’s tax returns. You’re likely still getting used to the whole lot of regulations and requirements, which means you may not be completely familiar with the Premium Tax Credit. Anyone who purchased health insurance coverage through the Marketplace may be eligible for help with […]
— Read moreThis tax season, you may receive a new statement that you aren’t entirely familiar with. With the implementation of the Affordable Care Act last year, taxpayers who bought their health insurance through the Marketplace will receive Form 1095-A, Health Insurance Marketplace Statement. The IRS does not supply the form to you, but instead you will […]
— Read moreMost taxpayers get their W-2 forms from their employers by the end of January. Form W-2, Wage and Tax Statement documents the amount of taxes that have been withheld throughout the year, and state the total amount of income earned. You need this form to file your tax return correctly. If you don’t have this […]
— Read moreThere 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 moreWhen you’re ready to file your return, you may be interested in knowing how you can save money just by being a parent. The sheer act of raising children can reduce the amount of taxes you owe. The following eight options are available to parent taxpayers: Dependent Deduction: Generally, you can claim your child as […]
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