Taxpayers can qualify for various tax credits to reduce their tax liability, one such credit is the child tax credit. To qualify for the child tax credit, the qualifying child must be under 17 years old and a U.S. citizen or a U.S. permanent resident alien. ...read more
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more
Tax filing time is not a time many people enjoy, except maybe professional accountants. This process is time consuming, confusing and often overwhelming. Preparing yourself in advance is the best way to ease some of the stress associated with process. ...read more
Federal income tax withholding is the types of taxes that are taken out of your paycheck. This tax includes Social Security, income tax and Medicare. Understanding your Federal income tax withholding is important to make sure you are not paying too many taxes or not enough. without support around lenses. ...read more
TaxBrain is an online tax preparation software. Through TaxBrain's website you can calculate your state and federal tax return information, and then file them each online. You can check your return for free, but filing does require a fee. Pricing varies depending on your return and your location. ...read more
The US follows a progressive taxation system. This means that the tax rate increases as you earn more money. The higher tax rates are only applied to income that reaches above a certain level. You can easily calculate your effective income tax rate if you are curious as to how much income tax you will pay this year. ...read more
Completing and filing your taxes online can be easy and sometimes free by using one of the many online packages available online. You will have the ability to complete both Federal and state returns and submit them via any Internet connection. ...read more
Foreign currency trading can be a great way to make money. There are strict tax laws on currency trading. At home trading is becoming more and more popular with people who wish to get in on the ground floor of this lucrative business. It will behoove a trader to know the tax laws before diving into the foreign market. ...read more
Filing your income taxes can be trying for anyone. However, with a few simple tips and tricks, you can have it under control in no time. Getting organized is the first step to getting control over your taxes. Doing this from the start of the year is the best way to be prepared. If your halfway through the year and need help, do not worry, it is not too late. ...read more
Small business owners must file taxes just like individuals, and the IRS has several different forms specifically designed for business owners to file the right information. You can find IRS forms at your local library or online from the IRS website. Depending on the size of your business, you may also opt to have a certified public accountant file your small business taxes for you. ...read more
The way you file a state income tax return will determine when you will get a refund. If you choose to mail the state tax return, the refund might take six to eight weeks. If you e-file the return, it will take only one to two weeks. You must also be sure your address is correct to ensure you receive the return in a timely manner. ...read more
If you wish, you can deduct the amount of taxes that you pay into your state of residence or you can also file for a deduction for the amount of state sales tax that you have paid in this year. You may only file for one of these deductions on your tax return so it is best to determine which option will provide you with the largest deduction. ...read more
Learning how to prepare your own income tax returns is not as hard as you may think. With the help of simplified forms such as the 1040EZ, as well as tax preparation software, such as Turbo Tax, filing your own taxes can be a quick and easy process that you can easily complete yourself in no time. ...read more
Once you know your tax bracket, you will know what every additional dollar of income will incur in the form of extra taxes. Somebody in a 15 percent tax bracket will face very different tax scenarios than someone in a 25 percent tax bracket. ...read more