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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