What is the Adoption Credit? If you adopted a child recently, qualified expenses related to the adoption have reverted back to being a nonrefundable tax credit. (The credit was refundable for tax years 2010 and 2011.) The tax adoption credit is a maximum of $12,970 per child for tax year 2013. What Expenses Qualify? Qualified […]
When you file your taxes, you have the option to either claim the standard deduction or itemize your deductions. While the standard deduction is a set amount, itemized deductions will vary from person to person. As such, if you have a large number of itemized deductions you will likely be able to reduce your tax […]
What is the Earned Income Tax Credit? The earned income tax credit (EITC) is an incentive to work for low to moderate income individuals and families. The earned income credit is refundable, which means that even if you don’t owe any taxes, you can still get a refund. 2016 Earned Income Tax Credit Income Limits […]
Let’s look at 2014 W-4 Form information to help you fill out a W-4 Form for your employer. What is W-4 Form? A W-4 Form indicates how much federal income tax should be withheld from your paycheck. Your employer will use your W-4 form and the number of exemptions you claim to calculate your withholding. […]
Form 4868 is the form you must fill out if you are not able to file your federal income tax return by April 15. Form 4868 is used to file for a tax extension. What is Form 4868? By filling out the IRS form 4868, you can get an automatic 6 month extension of time […]
What is a standard deduction? How much is your standard deduction? When you fill out your tax return, you report your gross income. But before you calculate your taxes owed, you reduce your income by claiming deductions. Each year, the government publishes a standard deduction amount that is indexed to inflation. Tax payers can choose […]
Now that you can begin to file your taxes, focus immediately shifts to how long it takes to get your tax refund. How Long Can the IRS Hold Your Tax Refund? The short answer to this question is: indefinitely. If, that is, you owe certain kinds of debts. Let’s say you are the type of […]
Teachers often spend money out of pocket on supplies for their classroom. If you are a teacher make sure you are taking advantage of a tax deduction specifically for you. The Educator Expense Deduction, which is also referred to as the tax deduction for teachers, is a $250 tax deduction. What is the Educator Expense […]
With the New Year comes the inevitable… tax time. Just writing those two words sends chills down my spine. Not because I dislike completing my taxes, but because this time of year reminds me of what is easily my worst job ever. I worked on New Year’s Day. I worked 14 hour days for the […]
There has been a huge change to our household this year that goes far beyond a change in taxes: I quit my day job in January and started working for myself. Though this decision was drastic, I did not make it on my own, nor did I make it with complete disregard to our financial […]
