Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes.
Dependent Tax Credits, Deductions, and Exemptions are Available to You!
The IRS has specific exclusions and rates for capital gains taxes on a home sale. Single taxpayers can exclude up to $250,000 of capital gains on real estate, whereas married and filing jointly taxpayers can exclude up to $500,000 in capital gains taxes on a house sale
For example, if you bought a house 20 years ago for $300,000 and sold it this year for $900,000, if you are married and filing jointly only $100,000 of the profits will be eligible for capital gains taxes.… Read the rest
The IRS has announced the standard Federal mileage rates for the new tax year. If you must drive for your job, medical reasons, or as part of a charity effort, you could get a tax deduction on your mileage and reduce your overall tax bill.
How Much is the Current Standard IRS Mileage Rate?
Starting from the beginning of the calendar year, the standard mileage rate for vehicles used for work, medical, and charitable purposes are as follows:
Medical expenses can damage your budget tremendously, especially when the emergency is unexpected, and your insurance does not cover it. The good news is the IRS does allow you to have some relief from medical expenses with a medical tax deduction.
An increasing number of people are turning to TurboTax to get their income tax prepared and filed every year. They take all the hard work and stress out of tax form preparation and will always get you the largest refund.
As you go through the process of importing income and expense information into the TurboTax Online Software, you will see possible tax deductions and credits that you may qualify for, and how much money you can save on your tax bill.… Read the rest