The Internal Revenue Service (IRS) offers many deductions and credits that benefit parents and other taxpayers who claim dependents. To take advantage of these tax breaks, here are seven tax filing tips you need to know.
Beginning this January, besides your usual Form W-2 from your employer, you may receive a new form related to the Affordable Care Act; Form 1095-C. If you purchased or received health insurance outside of the health insurance exchanges in 2015, and you worked for a large employer, look for Form 1095-C, Employer-Provided Health Insurance Offer […]
If you’re planning to retire in the near future, or if you already have, you know that minimizing taxes is an important part of creating a successful retirement plan. You can live on a lot less if you’re not sending a large portion of your money to the Internal Revenue Service (IRS) every year. For […]
You’ve probably heard people complain about having to file their taxes. Perhaps you’re a bit intimidated as a result. With tax season now upon us, the time has come for you to file your very first tax return. Filing your taxes probably isn’t as bad as you think. Most first time tax filers just need […]
One of the great benefits about being a small business owner is that you may be able to deduct many business expenses that you would not be able to deduct if you were an employee. Those deductions don’t just reduce your income tax. When you take business tax deductions, you also reduce your income subject […]
If you receive money, goods or services, you might have to pay tax on the value of what you receive as taxable income. That’s true for money you earn, as well as, any interest and dividends you receive on your investments. Unless the Internal Revenue Service (IRS) specifically outlines a type of income as nontaxable…you […]
The Internal Revenue Service (IRS) is probably the last place you expect to find help during financial hardships. However, thanks to certain provisions of the IRS code, help is out there. Many people are unaware that the IRS has a “hardship status,” meaning they have determined your account is currently not collectible if levy action […]
Raising children is expensive. Fortunately, the Internal Revenue Service (IRS) offers many tax benefits, such as the Child Tax Credit, to help working families make ends meet. Here is what you should know about this potentially valuable credit.
Going through a divorce changes almost everything about a person’s finances. If couples had joint accounts and jointly held assets and debts, they must divide them up and open new, independent accounts. They need new financial plans and strategies. And they need to start filing tax returns as newly unmarried persons. Here are some things […]