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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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Head of Household filing status is beneficial to taxpayers who qualify because the income brackets expand. For example, a taxpayer filing head of household can earn up to $50,800 and remain in the 15% tax bracket. One requirement: You MUST claim a dependent to file using the head of household status. If not, you’re required […]

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Often, taxpayers qualify to claim the Earned Income Tax Credit (EITC), however they forget when they file their return. The IRS reports that one out of every five qualified taxpayers don’t claim the credit. Like all tax credits, the EITC decreases the amount of taxes you owe the IRS, and depending on the number of […]

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Most taxpayers know that there are certain income limitations that they must fall under to claim the Earned Income Tax Credit (EITC), however income is not the only thing that can affect your eligibility. The other requirements one must meet in order to claim the EITC follow: You must have at least $1.00 in earned […]

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This year, don’t forget to take advantage of tax credits and benefits that can save your family money. The following credits are important to taxpayers and their families: Child Tax Credit: is worth up to $1,000 per child, depending on income. The higher your annual income, the smaller the credit. Married taxpayers who file jointly […]

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At tax time, students and those who have graduated may be eligible for special education tax credits that can significantly save them money. American Opportunity Credit Students who are enrolled in their first four years of college may claim this credit worth up to $2,500 in tuition, activity fees, books, equipment and supplies. The student […]

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