Monthly Archives: December 2018

The Child Tax Credit

December 14, 2018

Families working know how expensive it is to raise children. At tax time, the government offers these families some help through the 1997 child tax credit. This credit gives eligible families $ 2,000 per child under 17 years of age. Both Democrats and Republicans continued to support tax credit, which resulted in an expansion in […]

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Business Deductions

December 13, 2018

As a businessman, you are probably aware of the many deductions you may have when you file your tax return. You can deduct almost anything you buy for the company as long as it is necessary for the company. The cost must also be sensible. The deductions can really add up for small businesses and […]

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Filing Status

December 10, 2018

The status of your tax filing is one of the most important decisions you make at the time of taxation. In addition to the tax rates and the different amounts you can deduct, your filing status determines the benefits for which you are eligible. Your registration status depends on your marital status as of 31 […]

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Education Credits 

December 9, 2018

Education is not cheap and it is difficult for far too many people to pay for their education. The federal government has fortunately developed two different tax credits that can help reduce the amount owed at the time of taxation. These credits, the American Opportunity Credit and the Lifetime Learning Credit help taxpayers who have […]

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Donations

December 8, 2018

When you donate to an established charity, your donations are often deductible from taxes. This gives you the opportunity to get back some extra items that you won’t use anyway. You must ensure that you keep an accurate list of all the donation items, because you must report your donation to the IRS. At the […]

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Tax Dependents

December 7, 2018

One of the easiest ways to increase your tax benefits at the time of taxation is to claim a dependent for a child or adult. You can save some of the tax you owe, because certain dependents or a certain age and relationship can reduce your tax liability. You can claim the child tax credit, […]

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Many taxpayers need some extra help in dealing with their dependents. Those who take care of their disabled relatives or childcare for their children under 13 so that they can work may be eligible to reimburse their child and dependent care expenses. This tax credit amounts to up to 35 percent of the qualifying expenses […]

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Form 2441

December 5, 2018

Finding someone to take care of your child during work or school holidays can make a large part of your budget. You can send your children off to school for a lot of your childcare needs, but if your children are younger than the school age or on summer vacation, you will probably pay more […]

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Form 1040X

December 4, 2018

If you have detected errors in your tax return after it has been filed, you may need to file a modified return, depending on the type of error and the circumstances. However, it can be a difficult process to determine when to file a modified return. In some cases, taxpayers may note that their dividend […]

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Form 1099-MISC

December 3, 2018

You can’t run away from the IRS. No matter what your job, the IRS wants you to pay your taxes, even if you are an independent contractor, and they will find a way to make sure they get their money. With the form 1099-MISC, independent contractors are able to file their taxes and avoid IRS […]

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