Personal Tax

Article Highlights: Earned Income Tax Credit Refundable Tax Credit Qualifications Special Rule for Military The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,242 in 2015. So you could pay less federal tax or even get a refund. The credit is a refundable credit, so you can receive the benefits of the credit even if you do … [Read more...] about Are You Missing Out On The Earned Income Tax Credit?

Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided the rules are followed, the tax code allows the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper and flipping it. With careful planning, it … [Read more...] about Using the Home Sale Gain Exclusion for More than Just Your Home

Article Highlights: ·         Statute of Limitations ·         Filing Before April Due Date ·         Filing After April Due Date ·         Extension ·         Amended Returns ·         Three-year Statute ·         Understatement Exceeds 25% ·         Ten-year Collection Period ·         Tax Records A frequent question from taxpayers is: how long does the IRS have to … [Read more...] about How Long Are You on the Hook for a Tax Assessment?

Article Highlights: June 15th filing due date Additional extension to October 15 available Extension does not relieve late payment penalties Combat zone If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, June 15, 2015 is the filing due date for your 2014 income tax return and to pay any tax … [Read more...] about Important Date for Taxpayers Living Abroad

May 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the … [Read more...] about May 2015 Individual Due Dates