Earned income Credit: You may be able to take the EIC if: Three or more children live with you and you earned less than $43,352 ($48,362 if married filing jointly). Two children live with you and you earned less than $40,363 ($45,373 if married filing jointly). One child lived with you and you earned less than $35,535 ($40,545 if married filing jointly). A child did not … [Read more...] about What are the tax changes for this year?
Personal Tax FAQ
Students or parents paying tuition and other fees should keep receipts and be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse, or a dependent you claim as an exemption on your tax return. American Opportunity Credit - This credit has been extended for an additional two years: 2011 and 2012. The credit is … [Read more...] about Can I get tax benefit on my children college fees?
While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: Get a Loan to Pay the Balance – If you owe the IRS and don’t pay on time, they will assess interest and penalties. If you work out an … [Read more...] about Can I get loan to pay my taxes?
One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably. Our priorities shift throughout our lives. Early in the life … [Read more...] about How much do I need to put aside for retirement?
If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples: away-from-home … [Read more...] about Do I get tax break for the time I spend on charity?