When I think of “seasonal jobs,” here’s what I picture: Retail workers at the mall during Black Friday Summer camp counselors leading songs around a campfire Mail or package delivery drivers lugging packages during the winter holiday I also picture…
What do tax deductions and tax credits have in common? Well, both can lower your tax bill, and both are considered tax breaks. How are they different? We talk about that below. Tax deduction defined A tax deduction is…
The Earned Income Tax Credit benefits working people with low- to moderate-income levels. Several requirements determine eligibility for the credit, and it’s fairly common to make errors when claiming an…
If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit.
Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit or Loss From Farming. If you own a farm, here are 9 tax tips to help at tax time.
The Child and Dependent Care Tax Credit can reduce the taxes you pay. If you paid someone to care for a person in your household last year while you worked or looked for work, then read on for 9 facts from the IRS about this important tax credit.
If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are nine things you should know about adoption tax benefits.
Did you pay for college in 2014? If you did it can mean tax savings on your federal tax return. There are two education credits that can help you with the cost of higher education. The credits may reduce the amount of tax you owe on your tax return. Here are some important facts you should know about education tax credits.
Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are six tax tips to help you find out if you should file a tax return.
Affording college can be a burden on students and their families, and most students need every penny they can get. Fortunately, valuable tax breaks and credits are available for you and your parents to offset some of the costs of tuition and related expenses. In this article, you will learn about some of the tax credits and deductions that are available for you.
Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are nine of those benefits:
Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit.
One-third of the population eligible for EITC changes each year as their personal circumstances change,” said IRS Commissioner John Koskinen. “We want workers who may qualify for EITC for the first time to have all the information they need to get the EITC and get it right.” The Earned Income Tax Credit (EITC) varies depending on income, family size and filing status.
The tax deadline may seem like a long way off, but with a little planning before the end of the year, you could take advantage of tax breaks to help you lower your tax bill. Several tax provisions are scheduled to expire at the end of this year. This may be your last chance to snag these valuable tax breaks.
Tax credits and deductions can help taxpayers with their higher education expenses. Whether you’re a parent paying for your child’s education or you’re a student funding your own education, there is a tax credit or deduction for you.
Did you know that the Child and Dependent Care Tax Credit can help to offset the cost of your child’s day camp this summer? Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
Summer day camp is considered a childcare expense; however, overnight camps, summer school and tutoring do not qualify. Here is what you need to know about the tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.
Having a child is another event in life that can significantly impact your tax situation. Unlike some of the other events we will talk about in this series, having a child almost always is beneficial for your tax situation. If you understand and take advantage of the tax benefits of having a child, you will usually be able to reduce the amount of taxes that you owe. Having a child may qualify you to receive a number of tax credits such as, the Earned Income Credit, Child Tax Credit and Dependent and Child Care Expense Credit for your child.