February 23, 2015
It’s the age-old question: Should you take the standard deduction, or should you itemize your deductions?
To properly answer this question, you must first understand what the standard deduction is.The Standard Deduction
February 22, 2015
Roughly one in three Americans files their own taxes online, rather than using a professional tax preparer. If you're going to file electronically, there are a few ways you can do it.
If your Adjusted Gross Income (AGI) was less than $60,...
February 20, 2015
Tax credits, available through the IRS, can bring you a substantial savings on your Federal income tax bill.
A tax credit reduces your tax liability dollar-for-dollar. This means that a $500 tax...
February 12, 2015
Are you looking for an expert to help you with your income tax return?
When it comes to choosing a qualified tax preparer, it is important to know that there are different types of...
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 22, 2015