January 29, 2016
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...
January 27, 2016
The 1040 series of federal income tax forms are the starting point for personal federal income tax returns. There are three different versions of these federal income tax forms: the original 1040, the...
November 20, 2015
The Federal income tax is based on a “pay-as-you-go” system. There are 2 ways to pay as you go: withholding tax or estimated tax. This article discusses withholding tax (also...
November 12, 2015
An Employer Identification Number (EIN) is a 9-digit number issued by the IRS for the purposes of identifying a particular business’ tax account. The EIN format is XX-XXXXXXX.
EINs are used by employers, sole proprietors, corporations,...
October 29, 2015
If you have to move because of your job — whether you’re starting a new job or working at the same job in a new location — you may be able to deduct some of your moving expenses on your income tax...
October 26, 2015
October 15, 2015
Up until tax year 2005, a taxpayer could file IRS Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and obtain a four-month automatic tax extension. An additional two-month tax extension could...
October 5, 2015
When applying for a loan or other financial assistance, you will likely be asked to provide copies of your tax returns from previous years. If you have lost or misplaced your copies of your tax returns and do not have them saved in digital format...
September 2, 2015
The Alternative Minimum Tax (AMT) is basically an income tax system that runs parallel to the regular income tax. For taxpayers with higher incomes, be...