What is Nontaxable Combat Pay?

Posted by Kristen on February 17, 2013

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 […]

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What is Modified Adjusted Gross Income?

Posted by Madison on February 9, 2013

So you want to contribute to a retirement plan, and you’re trying to find out if you are eligible? Then you arrive at the eligibility for IRAs and Roth IRAs and find they’re based on your modified adjusted gross income. What is that exactly? Let’s take a look! What is Modified Adjusted Gross Income? Modified […]

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What is the Self Employed Health Insurance Deduction?

Posted by Kristen on January 27, 2013

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 […]

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What is Form 1040A?

Posted by Kristen on January 24, 2013

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 […]

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Form 8863 for Education Credits

Posted by Kristen on January 16, 2013

What is Form 8863 Education Credits? Form 8863 allows you to claim your education credits. You may be eligible for these credits for any expenses from your post-secondary or college costs. There are two credits available: the American Opportunity Credit and the Lifetime Learning Credit. What is the difference between the American Opportunity and Lifetime […]

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How to File a Schedule A Form

Posted by Jill on January 15, 2013

If you choose to itemize your deductions, you must fill out the Schedule A and submit it with your Form 1040. How to Fill Out Schedule A Before you complete the Schedule A you should gather all documentation of your deductions – receipts, forms provided to you by financial or governmental institutions, etc. You must […]

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What is a 1098 Form? A 1098 tax form is used to report certain types of deductible interest or qualified payments that a taxpayer makes during the tax year. You can deduct this amount from your Gross Income to lower your Adjusted Gross Income or your final tax liability, meaning you will pay less in […]

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What is Your Adjusted Gross Income?

Posted by Guest Author on

When you file your taxes, you are going to notice that there is a figure known as you adjusted gross income or AGI. Knowing what the adjusted gross income definition is, and how it impacts your taxes, is important toward filing an accurate return and getting all the money back that you are potentially entitled […]

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IRS Tax Filing Status

Posted by Jill on

Determine your tax filing status. Tax brackets and available credits and deductions (either the standard deduction or itemized deductions) depend on a taxpayer’s filing status. Each taxpayer must select his/her filing status at the top of each tax return. In most cases only one tax filing status will apply to you. If you qualify under […]

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8917 Form for Tuition and Fees Tax Deduction

Posted by Kate on January 14, 2013

What is an 8917 Form? Form 8917 is used to claim a tuition & fees deduction and is filed with your 1040. The deduction can be up to $4,000 (depending on income and expense amounts) and is based on qualified education expenses paid to an eligible post secondary educational institution. Am I Eligible to Use […]

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