When you are a working taxpayer and have dependents that require care while you are working, you can take a tax credit called the Child and Dependent Care Tax Credit, to help offset the expenses. The dependent can be a child under the age of 13 or a spouse that requires care due to physical or mental limitations.
By Steve
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Also posted in Tax Law, Tax Preparation, tax deductions, tax forms
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Tagged child and dependent care, dependent, earned income, full time students, irs, irs publication 503, spouse, tax credit, tax credits
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Every year many mistakes are made by US taxpayers as they file their income taxes for the year. Many of the mistakes are related to address, names, and social security numbers. But some of the mistakes are related to tax deductions. If you miss a tax deduction that you are eligible for, you could be missing out on a decent sized amount of money.
By Steve
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Also posted in Tax Preparation, tax assistance, tax deductions, tax returns
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Tagged cash contributions, dividends, donations, file their income taxes, investments, local sales tax, state income tax, state sales tax, tax deductions, Tax Preparation, taxpayers
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The IRS is the sponsor of two volunteer programs to assist in the preparation of their taxes. The Volunteer Income Tax Assistance Program is for taxpayers that earn less than $49,000 a year. While the Tax Counseling for the Elderly Program is designed to help anyone over the age of 59. The programs provide volunteers who are specially trained to help these two groups. The volunteers want to make sure tax payers are filing their returns with the correct tax credits like the Earned Income Tax Credit and the Credit for the Elderly.
By Steve
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Also posted in Tax Law, Tax Preparation, tax assistance, tax forms, tax returns
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Tagged aarp, child tax credit, combat zone tax credit, credit for the elderly, earned income credit, military, tax assistance, tax credits, tax-aid, tax-aid centers, Volunteer Income Tax Assistance, volunteers
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February 26, 2010 – 1:52 pm
Marital status and your annual income are the two deciding factors in determining how much of your Social Security Benefits are taxable. The really good news is that Social Security Benefits are not taxable if they are your only income for the tax year. And since your only income is not taxable, filing a return with the IRS is not necessary. Two great advantages.
February 7, 2010 – 8:59 pm
Claiming an interest payment deduction would help you decrease your taxes. Those who are shouldering the burden of student loans would hardly want to add to the worries by requiring paying interest on the repayable amount to the government.
February 1, 2010 – 1:59 pm
Nothing can make you grind your teeth more than the thought of tax preparations. Fortunately, there are some people making a living out of this.
September 28, 2009 – 2:16 pm
The IRS has released a new tax tip for 2009 which describes why it is important to double check your payroll withholding during the year so you will not be surprised when you file you taxes and did not without enough federal tax.
The American Recovery and Reinvestment Act of 2009 provided some new and some improved tax benefits for businesses according to the IRS.
