Earned Income Tax Credit
Earned Income Tax Credit The earned income tax credit is a refundable tax credit for low to moderate income families. In this article, we will go over the basics of the earned income tax credit. Who Can File To be able to file for the earned income tax credit, you must have made at least $1 of earned income during the year. There are maximum income requirements based on the number of children you [...]
Filing Taxes for a Family
Filing Taxes for a Family Filing taxes for a family can be complex. There are many variables that need to be taken into consideration. In this article, we will go over some of the variables involved when filing taxes for a family. Filing Status You have five filing statuses to choose from. Which one you choose will impact how much you owe or the size of the refund you receive. If also will determine [...]
Home Sales and Taxation
Home Sales and Taxation Home sales and taxation go hand in hand. Fortunately, there are ways to reduce capital gains on your home sale and reduce taxes. In this article, we will go over secrets to home sales and taxation. Exclusions Under the Taxpayer Relief Act of 1997 there are exclusions that help reduce capital gains from home sales. You can exclude up to $250,000 if you are single or $500,000 if you are [...]
6 Taxes Retirees Faces
6 Taxes Retirees Face As you age, you need to factor in tax planning. There are forms of taxes you will face in retirement that you did not previously have to worry about. In this article, we will go over 7 taxes retirees face. 1. Social Security Taxes If you are still receiving income while taking social security benefits, you could be subject to social security taxes. If you are single and have income [...]
Annuity Taxation
Annuity Taxation Annuity taxation will depend on what type of money you used to fund the annuity, pre-tax or post-tax. This is known as qualified or non-qualified. In this article, we will go over how both types of annuities are taxed. Qualified Qualified means that the annuity has been funded with pre-tax money. These annuities are subject to taxes and Required Minimum Distributions. RMDs are payouts you must begin taking within the year you [...]
Tax Identification Number Basics
Tax Identification Number Basics A tax identification number, or TIN, is an avenue the IRS uses for tracking. They are all 9 digits long. Except for social security numbers, they are all issued by the IRS. In this article, we will go over the basics of tax identification numbers. Who Needs One Individuals, businesses, non-profit organizations, trusts, and estates all require a unique tax identification number. These are needed for filing your tax return [...]