Find out how the Earned Income Tax Credit can impact your tax return.
It’s easy to put off filing your taxes. Life is jam packed with places to be and things to do. Finding time to organize your tax information and complete your return may seem hard. If you’re like many people, it’s not terribly hard to find reasons to procrastinate all kinds of things you need to […]
There’s a good reason why people love tax credits. Unlike tax deductions, which lower your taxable income, tax credits lower your tax bill dollar for dollar. However, not every tax credit is the same. There are two different categories – nonrefundable and refundable.
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.
Paying income taxes is the civic duty of all Americans, with the money helping to pay for national defense, highways, schools and police departments, among other things. While we’re happy to pay our fair share, no one wants to pay too much income tax. That’s where tax deductions and credits come into play.
The Earned Income Tax Credit, or EITC, is a credit designed for lower income working individuals, particularly those with children. If a person qualifies, the EITC can reduce any taxes owed and increase their tax refund. The credit amount a person can receive from the EITC depends on their income level and the number of children […]
What are the most common tax mistakes parents make that cost them money at tax time? There’s more to being a parent at tax time than claiming another exemption on your return. Tax professionals see some mistakes time and time again that can cause parents to pay more tax than they should have to. Take […]
Updated for tax year 2015 Do you have children? Though your little bundle of joy taps into your pocket book throughout the year, but during tax time, they can help you put money back into your pockets. According to the U.S. Department of Agriculture, it will cost a middle-income family approximately $226,920 to raise a […]
Do you dread income tax time every year? Well if there is one thing to remember during income tax time, to maybe ease the process, remember this: Three out of four taxpayers receive a federal refund, and the average direct-deposited refund last year was $3,116. Pretty nice tax refund don’t you think? Tax savings opportunities […]