Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents. In most cases, you can claim your child as a dependent. You can deduct $3,950 for each dependent you are entitled to [...]
The Child Tax Credit may save you money at tax-time if you have a qualified child. Here are six things you should know about the credit. Amount. The Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child that you are eligible to claim on your tax [...]
The best way to get your tax refund is by direct deposit. Here are five good reasons to join the 84 million taxpayers who chose direct deposit last year. IRS Direct Deposit: Is Fast. The fastest way to get your refund is to electronically file your federal tax return and use direct deposit. Use IRS [...]
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: Capital Assets. Capital assets include property such as your home or [...]
All income is taxable unless the law excludes it. Here are some basic rules you should know to help you file an accurate tax return: Taxed income. Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services [...]
Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Here are several tips from the [...]
If you lose your job, you may qualify for unemployment benefits. The payments may serve as much needed relief. But did you know unemployment benefits are taxable? Here are five key facts about unemployment compensation: Unemployment is taxable. You must include all unemployment compensation as income for the year. You should receive a Form 1099-G, [...]