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When Should I Expect My W-2 Form?

w2 form

Businesses have an obligation to provide W-2 Forms for all full-time employees and 1099 MISC forms for all contractors who work for them.

When they do this, they need to provide a summary of what they’ve done through Form W-3 or Form 1096 unless they’re filing their documents online.

Employers must send their employees their W-2 forms by January 31st of next year. All other forms mentioned so far must also be provided by this date.

It’s recommended that businesses aim to provide W-2 and 1099-MISC forms online so their employees can get their W2 forms as soon as possible.Read the rest

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What is the Social Security Tax Rate Limit?

Anyone with a job will see a Social Security tax added to their paychecks. This payroll tax amounts to 6.2% of whatever you earned. The money goes directly towards funding the Social Security program.

social security

Self-employed individuals pay double this amount because they must cover both the employee and employer parts of the tax. However, you can deduct half of this when you file your taxes.

The Social Security Wage Base is the threshold on income. Anything you earn above this threshold isn’t eligible for Social Security tax.… Read the rest

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Child Tax Credit Eligibility

Do you have children or any other dependents in your household? Then the chances are you’ll be eligible to claim the Child Tax Credit.

child tax credit eligibility

For the new tax year, this credit is worth up to $2,000. If you qualify, it will reduce your overall income tax bill due to the Federal government.

You may have already claimed this credit in the past, but for this year, there are some major changes as a result of the tax overhaul initiated at the end of 2017 by the Trump administration.… Read the rest

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H & R Block Online Tax Filing Review

H & R Block is one of the names that many Americans know. They have their distinctive green square everywhere when tax season comes near. They are so well known nationally that even small towns have stand-alone shops set up.H & R Block online tax filing review

In addition to being an in-person tax agency, H&R Block also has very popular online tax filing programs and free tax calculators.

They have created software that is suitable for tax situations of all sizes. This software can be ideal for those who don’t want to waste time waiting in an office or want to avoid having to pay an arm and a leg for the “in-person” experience.… Read the rest

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10 Tax Forms You Need to Know About this Tax Year

The IRS has a tax form for every occasion. One quick search on the IRS website will promptly bring up over 900 different results. Most of these forms are for extreme niches, and you don’t need to know about them. But there are 10 forms you do need to be aware of before you file your taxes.

Three of these forms will likely be sent to you in advance. These are the W-2, 1098, and 1099, based on your employment status.… Read the rest

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The Home Loan Mortgage Interest Tax Deduction

The federal government motivates you to buy a house by permitting the deduction of home loan interest. The interest you pay throughout the year is entitled to a reduction in taxes.

If you have a home loan and are paying interest, chances are you qualify to claim a mortgage interest tax deduction.

Collateral in Your House

Mortgage interest tax deductionYour mortgage company may carry a security interest in your house as a surety for paying back the mortgage. This security interest usually permits the financial institution to stay on the deed to your house.… Read the rest

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What is the Child Tax Credit and Additional Child Tax Credit?

Do you have one or more children who are under 17 living with you throughout the year? Then you may be able to get a big refund through the Child Tax Credit on your tax return this coming tax year.

If you can’t get this credit, then you could get the Additional Child Tax Credit instead, assuming you meet these qualifications.

child tax credit answers

What is the Child Tax Credit?

This nonrefundable tax credit is available for each qualifying child.

You can claim the child tax credit when you file your yearly tax return.… Read the rest

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Free Tax Filing with TurboTax Absolute Zero

For many tax filers, TurboTax is the leading software to get their taxes done quickly and easily without the ridiculous costs of having to pay someone else to file for them, and we can see why.

Turbo Tax online software remains ahead of the rest of the competition when it comes to customer satisfaction. Last year, they led the way in allowing tax filers like you to file online for free.

All you need to do is qualify by being eligible to file a 1040EZ or 1040A for your taxes and their free program, and Absolute Zero is available to you.… Read the rest

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Best Online Tax Filing Software

Online Tax Filing

Some of the most highly recommended tax software companies are now offering free and paid editions for online tax filing. You’ll pay nothing to file your federal and state taxes if you have a simple tax return.

Start by easily importing your W-2, answer simple questions about your life, and you’ll get you your maximum refund, guaranteed!

The two easiest to use for free and the ones we recommend are:

TurboTax Federal Free Edition

H&R Block Federal Free Edition

You can file with the free edition if you have the following situations:

  • W-2 income
  • Limited interest and dividend income reported on a 1099-INT or 1099-DIV
  • Claim the standard deduction
  • Earned Income Tax Credit (EIC)
  • Child tax credits

Conditions not covered in the Free Editions include:

  • Itemized deductions (Schedule A)
  • Business or 1099-MISC income (Schedule C)
  • Stock sales (Schedule D)
  • Rental property income (Schedule E)
  • Credits, deductions, and income reported on schedules 1-6, such as the Student Loan Interest Deduction

For those who don’t qualify for the Free Edition we recommend the Deluxe versions by TurboTax and H&R Block:

TurboTax Deluxe Edition

H&R Block Deluxe Edition

Deluxe versions search over 350 tax deductions and credits to find every tax break you qualify for, so you get your maximum refund.… Read the rest

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What to Do If You Don’t Have Your W-2 Form

The tax deadline for filing taxes is nearing for U.S. taxpayers, and they are feverishly getting all their documents together so they can file their taxes on time. But the important W-2 is missing, or maybe you haven’t received it yet, what should you do? No need to panic, you can try to get your missing W-2 form online, or you can even file your taxes without it.

What to Do If You Lost Your W-2 Form

lost w2 form

The W-2 form is a vital piece of info for most tax filers as it confirms the income you earned for that tax year.… Read the rest

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TurboTax Discount Promo Code Alert

TurboTax Discount coupon code alert

Each year TurboTax announces a discount for their online tax software, which gives users up to 20% off the cost of filing their tax returns.

Get the TurboTax Discount Here!

The discount offer is usually available from mid-January to mid-February, and then it’s gone.

Sign-up for TurboTax Discount Alerts!

Now, you can sign-up for TurboTax Discount Alerts, so you don’t miss out on this money-saving promo from TurboTax. We will send you an email notification announcing the discount with a live link inside.… Read the rest

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See the New IRS 1040 Tax Form

The IRS announced in June 2018 that a new 1040 tax form would be released for the 2019 tax year. This initiative goes all the way back to Donald Trump’s campaign trail in 2016, where he wanted to make filing taxes as “simple as sending a postcard.”  Well, it looks like he will get his wish based on the latest design draft provided by the IRS.

What Has Changed on the 1040 Tax Form?

Taking a glance, we can immediately see that the new form is about “half the size” of the current 1040 form.… Read the rest

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What is the Dependent Tax Credit, Deduction and Exemption?

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!

Anyone with a family needs to be aware of how the IRS may define someone as a dependent. This is important if you want to claim the child and dependent tax credit as it could save you a huge amount of money, so it’s an issue that’s worth looking into.… Read the rest

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Form 5695 For Energy Tax Credits

form-5695

Going green is not just beneficial for the environment; it’s also a great way to boost your finances. Making energy-efficient upgrades to your home can not only reduce your energy bills but also offer some sizeable tax savings.

The Federal government wants to encourage citizens to go green, which is why they provide a range of tax credits. To claim these tax credits, you’ll need to fill out Form 5695.

Here’s what you need to know about it.

What’s Form 5695?

Read the rest

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All You Need to Know About the 1099 Form

If you have a professional tax accountant on your side, you don’t need to know much about the different tax forms. But it’s always best to know as much as possible about what your accountant is doing. Most of us are aware of W-2s given to you by an employer, but not so many people are aware of 1099s.

The W-2 is a record of your salary paid to you throughout the year. The 1099 and its variations are designed for reporting any additional sources of income.… Read the rest

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Capital Gains Tax and You – Do You Need to Pay?

capital gains taxDid you make a successful investment this year, or did you sell a property? If that’s the case, you may need to pay capital gains tax. This is a perplexing aspect of the tax code, and we are going to make it much clearer for you.

What is Capital Gains Tax?

Investors from small fish to huge firms are all eligible to pay capital gains tax. Practically all money gained through an investment is taxable, and you need to be aware of that.… Read the rest

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IRS Federal Income Tax Form 1040A

The IRS has made changes to the way we file our 1040 tax forms. These changes eliminate the 1040a form and make it a schedule A, which is attached to the newly designed 1040 tax form.

The new 1040 is a shorter version of the original and replaces the 1040ez and 1040a.

If you plan to itemize your deductions, you will need to fill out and attach Schedule A to the new 1040 tax form.

When you file your taxes online, you won’t have to worry about new forms, schedules, or instructions because they will be automatically supplied and filled out for you.… Read the rest

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What is the Capital Gains Tax Exclusion for Home Sale?

The chances are the biggest purchase you will ever make in your life is buying a house. The average home price amounts to six figures. However, selling your home also offers you some unique benefits. The main advantage of selling your home is the capital gains tax exclusion.

capital gains exclusion for home sale

What is Capital Gains Tax?

Capital assets can be anything from cars to bonds. Homes are classified as capital assets because it’s termed as a significant asset type. When you make a profit on selling your home, you make a capital gain in tax terms.… Read the rest

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Tax Deductible Home Improvements

As a homeowner, you might be asking yourself if there are any tax breaks for all the money you spent improving your home. The answer could be yes or no. Either way, you will need to track your expenses for any home improvement.

Once you make a home improvement, like putting in central air conditioning, installing a sun-room, or upgrading the roof, you are not able to deduct the expense during the year you spent the funds.

You should maintain a record of those costs; they might help you to claim a home improvement tax deduction when you sell your home.… Read the rest

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TurboTax TaxCaster Tax Refund Calculator

Tax season is just around the corner. That means it’s time to start thinking about your tax refund and how much you might be getting back.

The TurboTax taxcaster will calculate how much your IRS tax refund will be in minutes.The TurboTax TaxCaster is an all-in-one online tax tool that helps you work out a range of tax-related figures.

This free tax refund calculator can be accessed online, and because you can use the calculator anonymously, you can rest assured that your personal information is protected.

Let’s look at TaxCaster and see how it analyzes your income and key tax factors to determine an income tax refund estimate.… Read the rest

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Printable IRS Tax Forms & Instructions

Printable IRS Tax Forms can be downloaded using the links found below. However, there’s a better way to get your tax forms.

The Best Way to Get Your IRS Tax Forms

IRS tax forms can be downloaded in a far superior way by using online tax software. Platforms like TurboTax Online and H&R Block Online will enable you to enter your information into the system and have the correct tax forms supplied automatically.

New Printable IRS 1040 Tax Forms, Schedules & Instructions

Where to get IRS Federal Tax Forms, Instructions and Publications

 

Old IRS 1040 Tax Forms & Instructions

 

Employer & Employee Tax Forms

 

Inheritance – Estate – Gift Tax Forms

 

Extension – College Tuition – Misc.

Read the rest

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Earned Income Credit Table Amounts and Qualification

The Earned Income Tax Credit (EIC) is a credit that is for low to moderate-income taxpayers to get ahead and have more money in their pockets. It can boost refunds significantly if you can meet the eligibility guidelines to claim it.

See the eic earned income credit table amount.

For example, if you are employed, but your income is considered “low” by the IRS, you may be able to claim the earned income tax credit, which currently has a maximum credit amount of $6,431.

Below you will find the EIC table chart and some of the most common questions that taxpayers have about the Earned Income Credit.… Read the rest