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 […]
Archives for December 2015
How to Handle Taxes During a Financial Hardship
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 […]
What You Need to Know about the Child Tax Credit
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.
How to Handle Taxes During and After a Divorce
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 […]
7 FAQs about the Earned Income Tax Credit
The Earned Income Tax Credit, or EITC, is a tax credit designed to help low- to moderate- income working individuals and couples get ahead and put more money back in their pockets. It can provide a significant boost to your tax refund each year if you meet certain criteria. For instance, if you are employed, […]
