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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 The previous forms, such as 1040EZ and 1040A, are no longer valid.… Read the rest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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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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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?

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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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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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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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Online Self-Employment Tax Calculator

self employment taxJoining the ranks of the self-employed is a dream for so many. But that freedom comes with a certain cost.

Taxes become more complex when you decide to become self-employed. The self-employment tax is your single biggest concern. Today, the self-employment tax is set at 15.3%.

We’re going to show you what you need to know about the self-employment tax. You’re going to learn about how it works, how to use the self-employment calculator, and how to deduct as much as you possibly can.… 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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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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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