Earned Income Tax Credit (EITC) is a refundable credit. Refundable credits can actually increase your federal refund. Think of EITC as a ‘payment’ the Federal government gives to low- to moderate- income workers to get a break when they do their taxes. The catch is not everyone qualifies for EITC... [Read More...]
Before you efile your federal taxes this year, you may want to take a moment to get to know the standard deduction a little better. A standard deduction is a dollar amount, based on filing status, which reduces income on which you are taxed, with additions for age or blindness. This differs from ite... [Read More...]
Most people are employees and their employer withholds taxes every paycheck to pay the Federal and State governments. At the end of the year you file your taxes and receive your tax refund. Happy, happy- joy, joy! You are one of the lucky ones. However, things don’t quite work out this way... [Read More...]
No matter what you could want when it comes to doing your taxes, the IRS has probably got a publication out there to explain it. Coupling your publication with TaxSlayer.com tax software makes doing your taxes online a piece of cake. Here are a few of the most popular IRS publications.
1. Publica... [Read More...]
Even if you are not the owner of a small business, you may be able to take tax deductions on the business use of your home as an employee. The rules are very similar to those for a small business owner.
1. As you complete your tax return, keep in mind the area of your home must be used as a prin... [Read More...]