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Get up to 35% Discount on H&R Block and TurboTax!

Get a 35% Discount on H&R Block Online Tax Filing

H&R Block Discount

This year the H&R Block discount for the 2019, 2020 tax season, brings you tax preparation and filing at an incredible sale price.

Learn how H&R Block tax software can help you file your taxes online and how you can get a 35% discount and other benefits for doing so.

H&R Block gives you options for completing your taxes online or in-person with a qualified tax professional. However, if you complete them online, you are not on your own.… Read the rest

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How to Fill Out the New IRS Form 1040

How to fill out a new 1040 tax form

Form 1040 is the basic tax form everyone who pays taxes must fill out when filing Federal income taxes. Today, there’s just a single version of Form 1040.

Depending on your tax situation, you may need to attach other forms and schedules to your 1040.

Why Do I Need to File Form 1040?

When you file your taxes, you’ll report your income for the year on Form 1040. All tax filers will use the same form. The previous forms, such as 1040EZ and 1040A, are no longer valid.… Read the rest

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How Much Will I Get for My Childcare Tax Credit?

How much is the childcare tax credit?

The Child and Dependent Care Tax Credit is designed to help hard-working parents and guardians to work and look for work as they care for a child or dependent. It also covers those who are caring for disabled children and adults.

How Much Will I Get Back for Childcare Tax Credit?

Depending on several factors, the childcare tax credit can be worth anything from 20% to 35% of your total care expenses.

Your income is the primary factor in deciding how much of your care expenses you can claim back.… Read the rest

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What are the Earned Income Credit Qualifications?

Earned Income Credit Qualifications

The earned income credit is one of the most valuable credits for those with low or moderate incomes. To claim it you will need to file an income tax return, even if you don’t necessarily owe anything in taxes.

There are a number of qualifications involved. So, if you plan to claim the Earned Income Credit, here’s what you need to know.

What is the Earned Income Credit (EIC)?

The EIC is a type of tax credit available to taxpayers earning either a low or moderate salary.… Read the rest

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Are New Windows a Tax Deduction?

Home improvements are a popular way for taxpayers to claim a tax credit and upgrade their homes in the process. For new windows, it’s possible to make a tax deduction. The current tax credits for home improvements are expected to remain in their current form for the next five to seven years.

Claiming New Windows on Your Tax Return

There is a range of different window types that qualify for a tax deduction, including casement, egress, and double-hung. The stipulation is that they must meet Energy Star standards.… Read the rest

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What is the Income Limit for the Child Tax Credit?

What is the Income Limit for the Child Tax Credit?

The child tax credit is a type of tax credit available to parents and guardians who want to reduce the amount of tax they pay this year.

This tax credit will take your overall tax bill and reduce it dollar for dollar. It’s one of the most rewarding types of tax credits working people can take. If you have a qualifying income, you may be able to take the full value of the child tax credit.

It all depends on how many qualifying children you have and how much you make, though.… Read the rest

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What is the New IRS 1040 Form?

IRS Form 1040

For the upcoming tax season, the IRS Form 1040 has changed forever. This goes back to the Tax Cuts and Jobs Act (TCJA), where Americans with simple tax affairs can file their taxes on a form that’s the size of a large postcard.

However, it should be said that online tax filers may not notice any changes at all, so they won’t need to do anything different.

The IRS has worked in collaboration with many tax preparation partners and brands to ensure these changes go through as easily as possible.… Read the rest

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Can You Get the Child Tax Credit if You Have No Income?

Millions of Americans don’t care when the tax season begins or ends because they don’t have to file taxes. If you are someone who has little to no income, you’re under no obligation to file a Federal tax return.

On the other hand, you can still file your taxes if you want to. There’s nothing illegal about filing a Federal tax return displaying zero income. In some cases, this is a smart idea.

So, if you are an American who isn’t legally obligated to file a Federal tax return this year, you may want to see if filing can get you the child tax credit even with no income.Read the rest

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How Much is the Child Tax Credit?

As with any tax credit, refund or deduction, there are a few rules that will influence the amount that eligible applicants will receive.

Here is a breakdown of everything you need to know about the Child Tax Credit and Additional Child Tax Credit

How Much do You Get Back in Taxes for a Child?

The child tax credit for 2019, 2020, is worth up to $2,000 per child that is under the age of 17. To be eligible to claim the child tax credit, your child or dependent must first pass all of the eligibility tests:

  1. Must be 16 or younger on the last day of the year
  2. Must be a US citizen, US national, or a resident alien
  3. Must be claimed by you as a dependent
  4. Must be related to you by blood, or step relationship, or legally adopted child/foster child
  5. Must have resided with you for more than half of the year (special rules apply for special circumstances such as divorce)
  6. You must have provided them with more than half of their support

What is the New Child Tax Credit Amount After Tax Reform Changes?

Read the rest

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What is the Social Security Cap for 2020?

social security cap

The Social Security Administration released several figures pertinent to both workers and retirees. These statistics reveal there’s been a large increase in the worker wage base and a modest boost to retirement benefits.

These figures demonstrate the continuing strength of the US economy. But the social security cap will be changing as a result.

An Increasing Wage Base

The social security cap for 2020 will rise by 3.6% in 2020 to $137,700. This is the amount of earnings subject to the Social Security tax.… Read the rest

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What is the 1120 Tax Form?

form 1120

What makes a corporation special is it’s a distinct legal entity separated from its owners. That means it pays its own income taxes. The owners are not responsible for paying the income taxes of the corporation.

The way a corporation pays income taxes is through filing IRS Form 1120 to figure out how much they need to pay. Corporations also have a separate income tax rate, so they don’t pay the same taxes as an individual.

Let’s take a look at the corporate tax return and what you need to file it correctly and accurately.Read the rest

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Can TurboTax Get My W-2 Online?

Can TurboTax Get My W-2 Online for 2019, 2020?

w2 form TurboTax

Taxpayers can use TurboTax to get their W-2s online and import it into the platform. It’s a simple system that automatically inserts the important information on your W-2 into your latest tax return.

How to Import Your W-2 Into TurboTax

The first step to login to TurboTax, click on ‘Work on My W-2 Now’ in TurboTax. From here, you’ll need to enter your Employer Identification Number (EIN). If you don’t have it, you can ask your employer’s accounting department for it.… Read the rest

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When Will I Get My Tax Refund Back?

For any taxpayer filing early, the question is when can they expect to see their tax refund. A lot of Americans rely on their annual tax fund to cover a range of expenses.

When will I get my tax refund back?

In the beginning, it was nearly impossible to predict because you had to mail in your return and then wait for the Treasury to issue a check, once everything had been plugged into a computer. But e-filing changed all that.

With an online e-filing service, you may be able to get your tax refund back in just eight days, especially if you opt to receive it through direct deposit.… Read the rest

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How to Deduct Private Mortgage Insurance (PMI) on Your Taxes

Have you been paying monthly private mortgage insurance (PMI) because your down payment for your home was under 20%? You can get a refund back by claiming the PMI deductions on your income tax returns.

Not making the PMI deduction is one of the top 5 mistakes homeowners usually make on their taxes. This tax deduction will expire in the next tax year unless Congress decides to renew it.

Who Qualifies for the PMI Deduction?

private mortgage insurance pmi

Not everyone who has PMI premiums can automatically take the tax deduction.… Read the rest

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How to File Taxes Online With TurboTax

Filing your taxes doesn’t have to be complicated. In fact, it couldn’t be easier to file your taxes because you can use a tax preparation platform like TurboTax Online.

We are Going to Show You How to File Taxes Online with TurboTax

The step-by-step process offered by TurboTax makes filing your taxes easier than ever before. We highly recommend using it because it’s the fastest way to get your refund and filing with paper forms will result in a delay in processing.… Read the rest

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Is Mileage Still Deductible?

Is Mileage Still Deductible in 2019, 2020?

is mileage tax deductible

Mileage is a frequent deduction for those using their personal vehicles for business. The IRS is providing a bonus this year as the standard mileage deduction has gone up by 3.5 cents to 58 cents per mile.

For anyone using their vehicles for business purposes, this is huge. If a business owner logs 100,000 miles over the next few years, this totals a massive $58,000 in deductions.

However, despite this good news, the Tax Cuts and Jobs Act (TCJA) did eliminate the itemized deduction for un-reimbursed travel expenses.… Read the rest

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Where Can I Find an Earned Income Credit Calculator?

Where can i find an earned income credit calculator?

With the new earned income credit calculator, it couldn’t be easier to find out how much you could be owed this year. Use the earned income credit calculator and just answer a few questions to get an estimate of how much you could be entitled to.

It’s a step-by-step calculator with clear instructions, so anyone can use the earned income credit calculator.

What is the Earned Income Tax Credit?

The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate-income.… Read the rest

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Jackson Hewitt Tax Return Preparation Online

Filing your taxes is never easy. Tax preparation services, on the other hand, make it easy for you to handle your tax affairs without worrying about getting it wrong.

jacksonhewitt

The way it works is that taxpayers can choose from Jackson Hewitt’s online tax filing options, so those with simple tax affairs or complicated ones can file their own taxes from home.

Jackson Hewitt is based in Jersey City, New Jersey. They guarantee 100% accuracy and the maximum possible refund amount for each taxpayer.… Read the rest

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What is the Medicare Tax?

Here’s what you need to know about Medicare taxes.

medicare

The Medicare tax is what’s known as a type of payroll tax. It’s paid by both employers and employees, so it’s your responsibility to withhold the correct amount from the salaries of your employees. You also need to make a matching contribution.

The Federal Insurance Contributions Act (FICA) is made up of a combination of Social Security and Medicare.

FICA differs from income taxes because it’s a flat tax of 15.3%… Read the rest

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What is The Simplified Home Office Deduction?

Home Office tax deduction

If you happen to have a home office, you may be able to use it as a deduction when it comes to the cost of running your home business.

The problem with the home office deduction is it’s a complicated issue. Due to the fact it’s open to abuse, the IRS came down hard on people years ago.

But if you’re eligible, you should absolutely claim the deduction. It looks like a hassle, but it’s not as difficult as you might think to claim.… Read the rest

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The Benefits of Filing Your Taxes Early

For most people, April is spent rushing around collecting documents and filing income tax returns at the last possible moment. While this is common, the fact is that filing sooner rather than later has many benefits – apart from the fact that you avoid all the stress and panic that comes with putting things off until the last minute.

early tax filing

You get any qualifying refunds sooner, and any outstanding money owed to you will be in your bank account more quickly – but there’s more.… Read the rest

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W-4 Withholding Calculator

One of the major recommendations from the IRS is to use a W4 withholding calculator to perform what they refer to as a paycheck checkup. With the changes to the tax code in 2018, this is more important than ever.

You Can Make Sure You’re Having Enough Withheld

w4 withholding calculator

The reason for the withholding calculator is to figure out your tax withholding from your wages. This will ensure that you’ve saved enough from your paycheck to pay off your tax bill when the time comes.… Read the rest