When preparing your taxes, we will focus on making sure you profit from every deduction and credit available so you get the biggest refund or lowest liability possible. We encourage you to shop around and compare!
Category: Tax Tips
Who Must Pay Estimated Taxes
When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for the prior year as a starting point. Use your prior year’s federal tax return as a guide.
NEW HOME TAX TIPS
Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
Deciding Whether and How to File?
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these… Read more Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
Understanding The Earned Income Credit
The Earned Income Credit (EIC) is a valuable credit for lower-income taxpayers who work. It can be worth up to $6,318 for 2017, depending on your:
57 MUST HAVE TAX TIPS
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
AM I CONSIDERED SELF-EMPLOYED?
The key to determining if you’re self-employed is to assess whether you are in business for yourself or are the… Read more AM I CONSIDERED SELF-EMPLOYED?
TAX BENEFITS FOR EDUCATION
Whether you are paying for a college education or a teacher buying items for your classroom, education credits and deductions can help lower your tax bill.
The American Opportunity Credit, Lifetime Learning Credit or the Tuition and Fees Deduction may help offset the cost of higher education for you, your spouse and your dependents.
UNDERSTANDING MEDICAL AND DENTAL EXPENSES
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid for medical care – including dental – for yourself, your spouse, and your dependents.
InWorks Tax Services 