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
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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:
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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.
Unreimbursed Employee Expenses
For you to be able to deduct the expense, it must be a common, helpful, and appropriate expense for your field of work. An expense does not necessarily have to be “required” for it to be deductible. However, if your employer reimbursed you for the expense, it cannot be included in your deduction.
Frequently Asked Questions on Affordable Health Care Act
How does the Affordable Care Act affect the tax return?
The tax return (Form 1040) is where individuals covered by the ACA whose gross income exceeds the threshold for filing a tax return are required to report if they have full-year minimum essential health care coverage for every person (taxpayer, spouse and dependent(s)) listed on the tax return.
Credit for Elderly or Disabled
You might qualify for this credit if either of these applies:
You’re age 65 or older.
You’re under age 65 and both of these apply:
Home Ownership Tax Deductions
How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
InWorks Tax Services 