What is Schedule SE? Schedule SE is used to report your self-employment taxes. The self employment tax form is in addition to your regular Form 1040 and business Schedule C for profit or loss. When do you use Schedule SE? You must fill out Schedule SE if you earned $400 or more from your self-employed [...]
What is the Elderly Tax Credit? The elderly tax credit is called the Tax Credit for the Elderly and Disabled. It is a tax credit for individuals who are 65-years-old or older or on permanent disability. How to Qualify for the Elderly Tax Credit You qualify for this tax credit if you were 65-years-old or [...]
What is the disability tax credit? The disability tax credit is a tax credit that can be claimed by anyone that has either a physical or mental disability that prevents you from attaining consistent employment. Who qualifies for the disability tax credit? Anyone under 65-years-old on permanent disability. Anyone receiving disability income from an employer. [...]
What is the Child and Dependent Care Credit? The Child and Dependent Care Credit is a nonrefundable tax credit available to qualifying individuals who have paid costs for child care or care for a dependent within the same year. The payments must be made to a care provider. This cannot include your spouse, other children, [...]
What is the Schedule E Renters Income Form? The Schedule E Renters Income Form is used to report the income and losses you have received or incurred from renting out a home, condo, apartment, or other property during the year. This is also used for renting out any space in which the home you currently [...]
What is nontaxable combat pay? Nontaxable combat pay is any amount of income you have earned while you were an enlisted member, warrant office, or commissioned warrant officer and you were stationed in a combat zone. NonTax Status Nontaxable combat pay is not included in your total gross income and is not taxed. When and [...]
If you are self-employed or were self-employed during any time of the past year, it is possible that you are able to deduct your medical and dental insurance coverage that you paid for. The tax deduction is called the self employed health insurance deduction. Do I qualify for the self employed health insurance deduction? If [...]
Form 1040A is one of the three forms you use to file your federal income tax returns. What is Form 1040A? Form 1040A is slightly more complex than the 1040EZ form, but it is less complex than Form 1040. It is a two-paged form that is easier to fill out than 1040. However, you cannot [...]
If you and any of your dependents have had a significant amount of medical expenses over this past tax year, you may be eligible to claim a medical tax deduction. Medical Expense Threshold The Medical Expense deduction is not meant to cover typical taxpayer expenditures from visiting a doctor a few times a year, filling [...]
People may think that the mileage tax deduction is only for employer expenses, such as traveling for your own business or using your personal car to travel for an employer. Both of these scenarios make you potentially eligible to claim the mileage tax deduction on your taxes. However, there are several other scenarios where you [...]
