January 20, 2015
A tax credit is a dollar-for-dollar reduction in the amount of tax that you owe. For example, a $500 tax credit will save you $500 in taxes.
On the other hand, a tax deduction merely reduces your...
January 19, 2015
The table below shows the 2015 deadlines for filing 2014 tax returns, as well as deadlines for tax extensions. One important thing to note is that you can file your taxes anytime after the start of the...
January 16, 2015
Probably the most common question asked during tax season is ‘When will I get my tax refund?’ Now that you’ve filed your taxes, know that more than 9 out of 10 refunds are issued in less than 21 days.
January 15, 2015
IRS Newswire just released this information about the upcoming tax season:
“The Internal Revenue Service announced the on-time opening of the nation’s 2015 filing season and highlighted a growing array of online services, including...
January 12, 2015
Below are the tax rates and related numbers that you will need to prepare your 2014 income tax return, which is due by April 15, 2015.2014 Income Tax Brackets
There are 7 tax brackets for the Federal income tax: 10%, 15%, 25%, 28%, 33%,...
December 10, 2014
The American Opportunity Tax Credit (AOTC) was originally introduced for tax years 2009 and 2010 under the American Recovery and Reinvestment Act (ARRA).
The AOTC was designed as a stimulus to assist individual taxpayers into a new career...
November 24, 2014
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
November 3, 2014
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 “...
October 30, 2014
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...
October 16, 2014
When you’re getting married, taxes are probably the last thing you want to think about. However, it is still important to understand the tax consequences of marriage. This article explains some basic tax considerations for newlyweds.Name and...