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:
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?
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.
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.
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.
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.
The Disaster Tax Relief and Airport and Airway Extension Act of 2017 was signed into law on September 29, 2017.
Highlights of the tax provisions providing relief for taxpayers affected by Hurricanes Harvey, Irma and Maria for 2017 federal tax returns:
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:
Wireless and other telecommunications are one of the few services that are consistently subject to sales and use taxes by states with both narrow and broad sales tax bases.
How much can you save?
The actual amount of money you save on your annual income tax bill depends on a variety of factors: