Earned Income Tax Credit (EITC)

Posted by Madison on February 8, 2014

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 […]

Continue reading…

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. […]

Continue reading…

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 […]

Continue reading…

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 […]

Continue reading…

What is the Educator Expense Tax Deduction for Teachers?

Posted by Kristen on January 28, 2014

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 […]

Continue reading…

What is Schedule SE?

Posted by Kristen on March 22, 2013

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 […]

Continue reading…

What is the Elderly Tax Credit?

Posted by Kristen on March 21, 2013

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 […]

Continue reading…

What is the Disability Tax Credit?

Posted by Kristen on March 19, 2013

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. […]

Continue reading…

What is the Child and Dependent Care Credit?

Posted by Kristen on February 27, 2013

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, […]

Continue reading…

How to File a Schedule E Renters Income Form

Posted by Kristen on February 20, 2013

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 […]

Continue reading…