There aren’t many things that can make you happy when it comes to paying taxes. But tax credits can help brighten your day lower your tax liability, it is a good idea to be informed which credits you qualify for and how you can go about claiming them. By using tax credits you lower the […]
Under certain circumstances, such as not having taxes withheld from your wages or paying too little each paycheck towards your taxes, you may be required to make estimated tax payments. At the same time, self-employed individuals generally pay taxes through estimated payments.
If you wish to deduct the payment for any type of medical expense this year, you need to be aware of some new rules that apply to these types of deductions, as they can affect your return. If you are seeking medical or dental expenses deductions you should familiarize yourself with the following guidelines.
Moderate income families understand that health insurance premiums can be expensive, but there are helpful tax credits that can offset some of the costs associated with them. In order for these credits to be claimed at tax time there are three requirements. You must receive your coverage through the Health Insurance Marketplace. Plans can be […]
Are you aware of the Alternative Minimum Tax? It’s important to know whether or not it applies to you, and what exactly it means at tax time. Taxpayers who have an annual income above a specified set amount may meet the guidelines required by the Alternative Minimum Tax. This tax strives to keep a minimum […]
This tax year, many taxpayers will notice a new penalty if they chose to opt out of having health care coverage. This is due to new rules under the Affordable Care Act that state that all Americans must have health insurance. The penalties can be quite large. For example, a wealthy family of five can […]
If you financially support your parents, the federal government wants to help. At tax time, there are a few different options for tax assistance that is available to those who provide parental support. The 2014 tax season brings a new dependency tax care credit, as well as the ability to claim a parent as a […]
Looking to make tax time a little brighter? Consider itemizing your taxes, which will allow you to claim interest you paid on your first and second mortgages. This deduction, worth up to $1.1 million in savings, includes mortgage loans (up to $1 million) and home-equity loans (up to $100,000). Even better, you don’t have to […]
Are you wondering if you should take the standard deduction? If you’re single, you’re looking at $6,200. Married couples at twice that amount. Maybe you’re considering itemizing your deductions to get a bigger tax return. If you are, remember that you’ll need to have your receipts for all medical, tax, charitable contributions and other expenses. […]
As the real estate market begins to trend to the positive side, it’s a good time to review the tax requirements for selling a home, as well as any associated tax breaks. If you sell your primary residence (the one you lived in full time), there’s a chance the sale may be tax-free. However, any […]