Monthly Archives: March 2016

Expenses For Child Care

Are you responsible for paying expenses relating to the care of your child? If so you may be eligible for tax credit that can save you money on these expenses. There are some requirements in order to qualify for this credit. For example, the child must be under the age of 13, but the credit […]

Using schedule a, you can itemize your deductions when you file your tax return. Doing so allows you to deduct specific taxes that you are required to pay during the tax year. You are only allowed to deduct taxes that you yourself are responsible for, meaning you can deduct taxes you paid for another taxpayer. […]

Did you recently have to move because of work? If so you may be able to deduct some of your costs. Even if you don’t itemize your deductions, you may still be able to deduct moving expenses if you meet the following two conditions: Your commute to your new job has increased by over 50 […]

Are you aware that some Social Security benefits may be considered taxable income? Even though some taxpayers find that their benefits aren’t included at tax time, there are some benefits that will be subject to taxation. The IRS has special rules to help you determine which Social Security benefits are taxed. Form SSA-1099, Social Security […]

Filing Head of Household

At the end of the tax year, if you are single and unmarried, you may be eligible to file your tax return using the Head of Household status. You have to be responsible for maintaining a residence for a child, parent or other eligible relative, and you have to be a citizen or resident of […]

If you filed your tax return last year or prior, you may have noticed some legislation which extended some tax provisions that are no longer applicable. Last year, Congress approved some legislation that was highly anticipated. However, this tax year, we lament in the tax provisions of seasons past. The following are no longer applicable, […]

Understanding Your W-2

Your W-2 is a statement of your wages and withholdings sent to you from your employer. You will need this form in order to fill out your tax return, but it’s important to understand all of the information contained within. Box 1- the total of your wages, tips, bonuses, prizes, and compensatory benefits. The first […]

Taxpayers who are married have the option to file a single return or to separate their income and deductions and file separately. It’s likely simpler to file jointly if one spouse earns the majority of the household income. However, in situations where both parties earn similar amounts of income, filing separate returns may prove to […]

The Fabulous Five

Your marital status, as well as number of dependents are two of the biggest factors to determining which of the five filing statuses you should use to file your tax return. They are, in no particular order: Single Married, filing jointly Married, filing separately Head of household Qualifying widow(er) Married couples can choose whether they […]

Tax-Time Marital Status

When it comes to filing your tax return, you need to be clear about your marital status, which is dependent on your legal definition as of December 31st. It doesn’t matter when you got married, or if you are divorced or separated, when the decree of separation was effective, as you will be considered either […]