February 10, 2015
For Federal income tax purposes, it is important to know whether you are an employee or an independent contractor.Employee vs. Independent Contractor
The IRS defines independent contractors as follows:
“People such as...
February 9, 2015
There are 5 filing statuses listed on the Federal individual income tax return. Each year, you must indicate which filing status you are using.
The filing status you choose affects the amount of your...
February 6, 2015
Itemizing your deductions (as opposed to claiming the standard deduction) means that you may be able to deduct certain miscellaneous expenses on your income tax return.
February 5, 2015
The Earned Income Tax Credit (EITC or EIC), which has been around since 1975, essentially provides a subsidy for low-income working families. To claim this tax credit, you must meet certain eligibility...
February 2, 2015
Beginning in 2014, the Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also called “...
January 29, 2015
The e-file process allows taxpayers to submit their taxes electronically by connecting to the Internal Revenue Service’s (IRS) Electronic Filing System. E-filing can be done from a computer (as well as modern smartphones and tablets) using a tax...
January 26, 2015
Although the IRS only audits about 1.1% of the over 140 million returns it receives each year, for those people who do receive an audit notice it can be a stressful experience.
If your income is under $200,000, your chances of a tax audit...
January 23, 2015
Are you using the correct tax form when you file your return this year? Remember that filing electronically is the easiest way to submit a complete and accurate tax return. E-file software guides you through your tax preparation by asking...
January 22, 2015
January 14, 2015
You have two options for filing your Federal income tax return (IRS Form 1040). You can file a paper return or you can file electronically (a.k.a. “e-file”).