By knowing the basic limitations behind itemizing expenses, the decision to take the standard deduction or itemize your expenses is made much easier. Also, by maximizing the deduction you are allowed to take, you can reduce your tax liability and save money.
The Working Families Relief Act of 2004 created a standard definition of a qualifying child to be used for tax purposes. The definition has 4 main requirements to consider.
The earned income credit is available to many taxpayers who have low to moderate income. This tax credit will effectively lower your taxable income and increase your potential for a tax refund.
The ‘kiddie tax’ has been changed to apply to all children under the age of 18. It previously only applied to children under the age of 14. Therefore, for children under 18, all unearned income greater than $1,700 will be taxes at the parent’s top tax rate.
According to H&R Block, these are some of the most often overlooked tax deductions that people often forget to take…
The Telephone Excise tax refund is applicable to almost everyone for 2006. Individuals and businesses have 2 options to select from in order to calculate the refund they are eligible for.
The Hope Credit and the Lifetime Learning credits are 2 types of tax credits that can reduce your tax liability and save you money.
The Dependent Care Credit – also known as the Childcare Credit – is one way for working adults to save money on their tax return.
A Child Tax Credit is available to most taxpayers for each ‘qualifying child’. This tax credit is an easy way to save some money on your tax return. Here’s what you need to know.
Tax deductions and tax credits are 2 ways to lower the amount of income tax you owe and therefore save you money! Here’s what you need to know.
If you live in one of these states then you have to pay taxes on all of the media you’ve downloaded — for a fee — this year! Here’s the complete list of states.