Federal Tax Returns
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
There are many reasons why you may need to obtain a copy of a past tax return. Perhaps you simply lost your copy or there is a pressing financial transaction on...
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 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”).
The IRS has announced that the...
January 13, 2015
For the majority of Americans, the most commonly used document for filing a tax return is IRS Tax Form 1040. This form is due by April 15 each year.
While there are many...
January 5, 2015
Many parents and people caring for dependent family members can receive a tax credit for expenses paid to care for these individuals. This credit is designed for taxpayers who must pay for a dependent’...
December 23, 2014
There is a tax credit or deduction available for those who have paid taxes on foreign earned income if they also paid U.S. taxes in the same year. This is a somewhat complicated option, giving taxpayers the choice to choose to either use a...
December 18, 2014
Giving to charity has two major benefits: it helps those who receive it, and it can be claimed as a deduction on your income tax return.
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...