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 Preparation, tax credits, 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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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 Preparation, tax assistance, tax credits, 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 – 2:27 pm
The Alternative Minimum Tax was established in 1969 as an alternative tax system for individuals that were able to avoid paying taxes while still earning above average incomes. The system is not indexed to inflation and over time has been applied to more and more medium income households. Recent changes to the tax code have attempted to minimize this negative and unexpected event.
February 12, 2010 – 10:56 am
A significant number of citizens have grown responsible and started filing their tax returns. But what bothers most to these responsible citizens is keeping their tax record safe. The most pertinent question that they ask themselves is: “What is my tax record and how long do I have to keep them with me?”
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.
Most American citizens need to file a tax return but there are some individuals due to age, filing status and income that are not required to do so. An example is a married couple filing jointly that earned less than $17,900 during 2008. The exception to the rule is if one of the individuals is self employed. Self employed individuals always need to file a return if they earned over $400 for the tax year.
February 26, 2009 – 3:08 am
The Standard Mileage Rates for travel in 2008 have improved to help compensate for higher gas prices experienced during the year. While the Kiddie Tax has been adjusted to include more children.
