It’s important to know who qualifies for a dependency exemption, because for each exemption you can claim a $3,900 deduction on your 2013 tax return ($3,950 for 2014). Here are some rules that will help you figure out who qualifies and who doesn’t.
On April 4th the IRS announced that victims of the recent Washington State floods and mudslides will have until October 15 to file their 2013 individual and business tax returns and pay any taxes due. What Washington taxpayers are eligible...
Were you a beneficiary of mortgage debt relief this year? Debt that was reduced through restructuring and forgiveness may qualify for relief. We’ll discuss the rules so you can figure out if that amount is tax free.
You made the tax deadline, but your tax debt may still linger on. Well, at least you filed and avoided the most hefty penalty for failure-to-file. You might be scrambling to figure out how you’ll be able to pay what you owe after receiving your final tax bill from the IRS. There are options available to you if you are unable to pay and many are quite reasonable. We’ll go through some of the best options if you can’t pay.
Tornados, high winds, and baseball-sized hail wreaked havoc on the South and Midwest last week and over the weekend. The IRS announced that it will provide penalty relief to taxpayers impacted by the storms who were not able to file or pay taxes due until after the April 15th tax deadline.
The dust has settled and the American Taxpayer Relief Act 2012 was signed into law on January 2, 2013 helping Americans save more of their hard-earned money through the extension of the lower tax rates for people making less than $400,000 per year filing single and $450,000 for those filing jointly. Our interactive looks at how the new tax law may save you money on your 2013 paychecks.
The Southeast and Midwest portions of the country are commonly plagued with bad weather this time of year. But this year has proven to be especially bad, with large tornado outbreaks and major flooding affecting many parts of the country. What are the tax implications?
There has been a lot of confusion about taking the child tax credit for one of your kids when you’re not claiming that child as a dependent. Here’s the deal: If you’re divorced, and you agree with your ex to...