Archive for February, 2014

Adoption Tax Credit

Posted by Kate on February 9, 2014

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 […]

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Itemized Deductions

Posted by Jill on February 8, 2014

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 […]

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Earned Income Tax Credit (EITC)

Posted by Madison on

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 […]

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How to Fill Out a 2014 W-4 Form

Posted by Madison on

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. […]

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Tax Extension Form 4868

Posted by Kate on

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 […]

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Standard Deduction

Posted by Jill on

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 […]

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Who Can Take Your Tax Refund?

Posted by Amanda on February 6, 2014

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 […]

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How I Made $50,000 Selling on Amazon Last Year

Posted by Madison on February 5, 2014

The numbers are in and for the second year in a row, my experiment selling on Amazon is proving to be a successful side gig. Last year, our Amazon business generated $50,000 in total profits! Not bad at all for a business that just started out as a side project that I wanted to test […]

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What are the Differences Between FSAs, HSAs, and HRAs?

Posted by Amanda on February 4, 2014

I didn’t really see the need to figure out the difference between these three health accounts until my husband lost his job. Suddenly, I was quite interested in what was going to happen to the $1200+ or so that was in our Health Reimbursement Accounts. When I learned that we would not have access to […]

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10 Ways to Celebrate Valentine’s Day on a Budget

Posted by Amanda on February 3, 2014

Do you have a happy Valentine’s Day memory? Chances are your memory does not stem from the amount of money that someone spent on what they gave you or did for you, but rather the thought, care, and emotion that they put into your gift. Let’s recreate the elements that made that time memorable for […]

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