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Archive for the ‘Taxes’ Category

One bright spot of tax season is the possibility of getting back a big income tax refund check from the government.

As an overall financial strategy, I don’t recommend that people rely on income refunds – because if you’re constantly getting one it means you’ve let the government take out too much taxes during the previous year.

But if you can snag a large tax refund check due to you reclaiming a tax credit, well then that’s a smart move.

And one of the biggest tax credits available is the Earned Income Tax Credit, or EITC.  Continue reading “How to Know If You’re Eligible for the Earned Income Tax Credit” »

Related Questions:

• can you get earned income tax credit for children not your own
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If you need help filing your federal income taxes, look no further than the IRS itself.

And don’t worry: the IRS isn’t out to get you.

On the contrary, in 2012, the IRS has more than 12,000 free tax preparation sites nationwide as part of an ongoing effort by the Internal Revenue Service to team up with non-profit agencies and community groups throughout the U.S. to better aid taxpayers. Continue reading “Free Places for IRS Tax Help and Tips For Do-It-Yourself Tax Filers” »

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Any parent knows that kids can be awfully expensive.

They eat a lot, or sometimes not much at all, picking all over their food and wasting it.

They tend to sprout up like weeds, outgrowing clothes, shoes and even hats and gloves before those things get a proper wearing. (By that, I mean there should be holes in all those items before they’re handed down to a younger sibling).

And then, of course, kids want a lot of stuff. Can you say iPhone, Nintendo DS or Xbox 360 Kinect?

Little wonder that, in the past decade alone, the cost of raising a child from birth to age 18 has risen nearly 40% to $226,920. Continue reading “Got Kids? Here are 10 Tax Benefits For Parents” »

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When you’re filing your federal income tax return, you undoubtedly want to pay the least amount of money possible to Uncle Sam.

One effective way to minimize your taxes is by claiming various dependents and exemptions on your income taxes.

Claiming the right number of dependents and exemptions can sometimes save you hundreds, or possibly even thousands of dollars in taxes owed.

But as juicy as these tax perks are, you still have to be careful that you don’t run afoul of the law and improperly claim dependents or take exemptions to which you’re not entitled.

To keep you on the straight and narrow, the IRS offers these six tax tips about claiming dependents and exemptions. Keep this advice handy when you, or the tax preparer you choose, are completing your 1040 tax returns: Continue reading “6 Tax Rules to Know When Claiming Dependents and Exemptions” »

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