Since it was enacted almost 40 years ago, the Earned Income Tax Credit has been helping boost revenues of low and moderate income workers. The IRS reports that four of every five employees eligible for the EITC claim the benefit, however they’d like to see everyone who qualifies take advantage of it. If you qualify, […]
— Read moreMany taxpayers who are due a refund opt for direct deposit. In fact, it is the top method of receiving payment on a federal tax refund. It’s completely safe, and delivers the cash you’re entitled to quickly and easily, especially when you combine it with electronic filing methods. Approximately 90 million taxpayers opted for direct […]
— Read moreIf you’ve heard of the Alternative Minimum Tax, you’re probably wondering if it applies to you, and what you should expect if it does. If your income is above a specific amount, you may fall under the guidelines of the Alternative Minimum Tax. The point of the AMT is to maintain a minimum level of […]
— Read moreIf you’re self-employed, tax time can be confusing. Filing a federal tax return doesn’t have to be difficult, and with a little bit of information, independent contractors and small business owners can easily file returns just like the rest of the taxpaying population. Understanding what classifies as income from self-employment, as well as your tax […]
— Read moreNot too many things can make you happy when it comes time to pay your taxes. The tax credit can be your friend and ally during tax season, so it’s important to get informed about which credits you may qualify for. Tax credits reduce the amount of tax you are responsible for paying, and some […]
— Read moreHaving a retirement fund set up to help offset the costs associated with life after employment, is a smart financial decision. However, situations may arise that require you to withdraw some cash from your savings plan earlier than you expected. Doing so can activate an additional tax, and cause you to have to report withdrawals […]
— Read moreIf you’re a parent and you have to work, there a pretty good chance you have to pay for the care of your child during working hours. This can get pretty expensive, but thankfully there is a tax credit that can help offset the cost of childcare services. The Child and Dependent Care Credit is […]
— Read moreGiving to charity can have a lot of benefits. It helps others in need, can make you feel good, and can help you get a tax deduction. There’s all around positives to donating to charity, especially if you follow a few tips that can help you deduct the gift from your tax return. Here are […]
— Read moreIt’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]
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