Monthly Archives: March 2016

While there are many joys that come with marriage, one of them is not tax time. Though you may be eligible for certain tax deductions and credits if you filed married, there are some cases where married couples may have to pay a penalty for filing jointly. This occurs if the couples total tax liability […]

Categories: Filing Status Tags: , ,

If your spouse passed away during the tax year, you are still eligible to file using the Married status. However the following two years after, you may file using the qualifying widow(er) status. In doing so, you are offered the same tax rates as if you filed jointly. You must meet additional rules in order […]

Categories: Filing Status

Have You Refinanced?

March 6, 2016

If you get a mortgage loan in order to buy a home, you may be able to deduct any points you spend in order to accrue some significant tax savings. The same is true for homeowners who chose to refinance. In most cases, refinancing forces the homeowner to take away loan points over the course […]

Categories: Deductions Tags: ,

Employee business expense deductions can mean a little extra cash in your pocket at tax time, as long as you have an actual legitimate expense as an employee that is not reimbursed by your employer. If you use your personal vehicle, for example, for business purposes, you are eligible to deduct either the actual cost […]

Categories: Deductions Tags: , , ,

As you’re now probably aware, the Affordable Care Act imposes strict penalties for taxpayers who don’t have health insurance. However, exemptions apply in some circumstances, which can excuse the penalty from taxpayers who meet the requirements. Form 8965, Health Care Exemptions, can be filed with a tax return and used to claim a hardship exemption […]

Categories: General

Head of household status can be extremely beneficial to taxpayers if they qualify. The two qualifiers – marital status and household expenses – must both be met in order to file your tax return using HOH. In order to determine your eligibility, read the following rules based off the qualifying factors: Marital Status: You’re required […]

Categories: Filing Status Tags: ,

Couples who file their tax return together, aka married filing jointly status, commonly get the best rate of taxation, along with taxpayers who qualify to file using the qualifying widow(er) status, as they get similar rates as married taxpayers. Using the status married, filing separately have the highest rates of taxation, generally, though using the […]

Categories: Filing Status Tags: ,

Have you just bought your first home? Are you thinking of moving into another place, looking for some sort of upgrade from your first? Wherever you are on the home purchasing spectrum, you will likely pay some “closing costs” at the finalization of the sale. Sometimes known as settlement fees, these expenses are added to […]

Categories: Deductions Tags: ,