Tax Return Bankruptcy Debt

Posted by Amanda on January 14, 2013

Have you filed a bankruptcy in the last tax year? In a bankruptcy, debt is discharged, cancelled, or forgiven, and this can have tax implications because it is viewed by the IRS as taxable income to you (Cancellation of Debt Income or CODI). Bankruptcy and Tax Common types of debt that are discharged include automobile […]

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What is Form 1040EZ?

Posted by Kristen on January 13, 2013

Form 1040EZ is one of three forms used to fill out federal income tax returns. You can either fill out form 1040, 1040A, or the easiest of the forms, 1040EZ. What is Form 1040EZ? This form is an alternative to the other forms and is a faster option. This form is most likely acceptable for […]

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How to Request Copies or Transcripts of Past Tax Returns

Posted by Amanda on January 12, 2013

There are many reasons that you could need a copy or a transcript of a past tax return. Perhaps you are taking advantage of low mortgage rates and applying for a loan or mortgage and need to prove your income from past years. Or if you are applying for college, or refinancing your home you […]

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What is the Child Tax Credit?

Posted by Kristen on January 2, 2013

What is the Child Tax Credit? The Child Tax Credit is a tax credit you can claim for each child depending on your income. You may be able to claim up to $1,000 per qualifying child under 17 years old. This tax credit can be claimed in addition to credit for child dependent care expenses. […]

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States with No Income Tax

Posted by Kristen on December 2, 2012

Are there states where you can live and you do not have to pay income tax? Yes, there are seven American states that do not require residents to pay any income tax. In addition, to the states with no income tax there are two states that only tax dividends and interest income. States with No […]

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What is a Personal Tax Exemption?

Posted by Jill on January 16, 2012

You pay taxes based on your income. But before that income is calculated, the IRS allows you to reduce it based on exemptions. What is a tax exemption? A standard amount of money (defined each year by the IRS) that is not taxed. For tax year 2014, the personal exemption amount is $3,950. That means […]

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