By Anonymous September 09, 2014
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By Anonymous August 08, 2014
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By Anonymous August 08, 2014
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If You Work, The Earned Income Tax Credit Can Work For You! Federal, State, Local and International Taxes- Since 1975, the Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break each year. Four out of five eligible workers claim EITC, but the IRS wants everyone who is eligible to claim this credit. Here are some things you should know about this valuable credit: • Review your eligibility. If you worked and earned under $52,427, you may qualify for EITC. If your financial or family situation has changed, you should review the EITC eligibility rules. You might qualify for EITC this year even if you didn’t in the past. If you qualify for EITC you must file a federal income tax return and claim the credit to get it. This is true even if you are not otherwise required to file a tax return. Don’t guess about your EITC eligibility. Use the EITC Assistant tool on IRS.gov. The tool helps you find out if you qualify and estimates the amount of your EITC. • Know the rules. You need to understand the rules before you claim the EITC, to be sure you qualify. It’s important that you get this right. Here are some factors you should consider: Your filing status can’t be Married Filing Separately. You must have a Social Security number that is valid for employment for yourself, your spouse if married, and any qualifying child listed on your tax return. You must have earned income. Earned income includes earnings from working for someone else or working for yourself. You may be married or single, with or without children to qualify. If you don’t have children, you must also meet age, residency and dependency rules. If you have a child who lived with you for more than six months of 2014, the child must meet age, residency, relationship and the joint return rules to qualify. If you are a member of the U.S. Armed Forces serving in a combat zone, special rules apply. • Lower your tax or get a refund. The EITC reduces your federal tax and could result in a refund. If you qualify, the credit could be worth up to $6,143. The average credit was $2,407 last year. • Use free services. If you do your own taxes, the best way to file your return to claim EITC is to use IRS Free File. Free brand-name software will figure your taxes and EITC for you. Combining e-file with direct deposit is the fastest and safest way to get your refund. Free File is available exclusively on IRS.gov/freefile. Free help preparing and e-filing your return to claim your EITC is also available at thousands of Volunteer Income Tax Assistance sites around the country. You can also get help with the new health care law tax provisions. If you'd like to discuss with me how these complex rules apply to your business, to make sure that none of your workers are misclassified, please call to set up an appointment to discuss this or any other aspect of your taxes. If you found this Tax Tip helpful, please share it through your social media platforms. AB Tax Accounting YouTube videohttp://youtu.be/EYJdQtbPZAI info@abataxaccounting.com (651) 621-5777, (952) 583-9108, (612) 224-2476, (763) 269-5396 ...read more
By ABA Tax Accounting January 30, 2015
Back-to-School Tax Tips for Students and Parents Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. To learn more log on to our blogwww.abatax81.blogspot.com.For more information about payment options or IRS's Fresh Start program,contact us today to get a free consultation! ABA Tax Accounting 651-621-5777 or (763) 269-5396 info@abataxaccounting.com http://abataxaccounting.com/incometaxserviceforindividuals.php www.abatax81.blogspot.com www.abataxaccounting.wordpress.com ...read more
By ABA Tax Accounting August 14, 2013
Federal, State, Local and International Taxes-If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. To read more log on towww.abatax81.blogspot.com.For more information,contact us today to get a free consultation! ABA Tax Accounting 651-621-5777 or (763) 269-5396 info@abataxaccounting.com http://abataxaccounting.com/incometaxserviceforindividuals.php www.abatax81.blogspot.com www.abataxaccounting.wordpress.com ...read more
By ABA Tax Accounting August 06, 2013
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more
