The Earned Income Tax Credit, also known as the EIC and EITC, is a tax credit for individuals who only make an annual income that is considered low or moderate. Your filing status and your income determine the amount of the credit.
If you are able to qualify for the credit your federal taxes will … Read the rest
Since January 2014 the Affordable Care Act mandates that majority of Americans have health insurance or pay a tax penalty. If taxpayers decide to obtain their health insurance through the Health Insurance Marketplace, they potentially could get tax credits that could make their monthly premiums more affordable.
These tax credits are for those who … Read the rest
For those of you that didn’t know, there was a $1,000 Child Tax Credit that was developed from the Bush tax cuts. This $1,000 credit was supposed to expire at the end of the 2012 calendar year. However, it has actually been extended!
This is obviously very good news for all of us with children. … Read the rest
Tax deductions make it so you can decrease your taxable income amount. They are calculated by using a percentage of your marginal tax bracket. For example, let’s say you fall in the 25% tax bracket, if you received $1000 in tax deductions you would be saving $250 in tax (0.25 x $1000-$250).
Since tax … Read the rest