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For the majority of people who pay taxes, April 15th is the last day you can file your return. If you are owed a refund from the IRS you will not incur a penalty for filing late. Though if you end up owing money at the end of the tax year and you do not […]

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If you happen to use your personal vehicle for business purposes or you have a vehicle dedicated to you by your business you may be able to deduct some of the expense need to keep it road worthy. While learning how to effectively manage your auto expenses the deductions can be well worth the time. […]

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The tax season is upon us and now is the perfect time for taxpayers to make sure they know the relationship between their health insurance coverage and the two tax forms that help figure out the amount of tax credit that is due to each person. Forms 8962 (Premium Tax Credit) and Form 1095-A (Health […]

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There is a chance that if you have children that they may be required to file a tax return, even if they are a dependent child. Generally, children will be held accountable for filing any returns as well as paying taxes that may be owed along with penalties and interest. The parents may also hold […]

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Every year you are required to pay taxes on any earnings from investment income. For example, if you have a savings account that accrues $2,000 in interest you will have to add that amount to your taxable income and will be required to pay taxes on it. There are certain investments which are tax free, […]

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If you are self-employed or a contract employee you will have likely received a Form 1099-MISC at some point. Even if you are not self-employed for the whole year you will still receive a 1099-MISC for any client or company who paid you more than $600. In simple terms this form is like a W-2 […]

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You will receive a 1099-B if you have sold any stock, bonds, mutual fund or securities in the tax year. You should receive this form from the financial institution or broker you used to make the deals. This form can be sent separately or may also be combined into a statement with other tax information […]

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If you purchased a health plan through the Health Insurance Marketplace you can expect to receive a Form 1095-A Health Insurance Marketplace Statement by January 31, 2015. Many have decided to take a premium tax credit in advance that helps subsidize their monthly health insurance premiums. The credit you receive will be reported on 1095-A, […]

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If you received any income from stocks, capital gains or mutual funds during the tax year you can expect to receive a Form 1099-DIV. Below is a listing of what each box on Form 1099-DIV represents. Box 1a: This box will include the fully amount of ordinary dividend payouts. Box 1b: This box will include […]

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Often times when people consider itemizing it is for the three big deductions; home mortgage interest, state and local taxes and charitable donations. Although there are numerous more deductions in addition to the big three. These types of deductions are generally considered miscellaneous itemized deductions and are claimable if they exceed 2% of your adjusted […]

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