Individual

Selling Your Home

If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this

By |2024-03-08T19:06:29+00:00February 10th, 2021||Comments Off on Selling Your Home

Credit for the Elderly or Disabled

You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and total disability, according to the IRS. Like any other tax credit, it's a dollar-for-dollar reduction of your tax bill. The

By |2024-03-08T19:06:29+00:00February 10th, 2021||Comments Off on Credit for the Elderly or Disabled

Refinancing Your Home

Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans. Generally, for taxpayers who itemize, the “points” paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid. However,

By |2021-02-10T15:06:26+00:00February 10th, 2021||Comments Off on Refinancing Your Home

Earned Income Tax Credit for Certain Workers

Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund. The

By |2021-02-10T15:05:41+00:00February 10th, 2021||Comments Off on Earned Income Tax Credit for Certain Workers

Plug-In Electric Vehicles (PEVs)

For vehicles acquired after December 31, 2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the

By |2021-02-10T15:04:44+00:00February 10th, 2021||Comments Off on Plug-In Electric Vehicles (PEVs)

Tax Incentives for Higher Education

The tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying student loans. You may be able to claim an American Opportunity Credit (formerly called the Hope Credit) or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family (i.e.

By |2021-02-10T14:49:25+00:00February 28th, 2016||Comments Off on Tax Incentives for Higher Education

Check Withholding to Avoid a Tax Surprise

Whether or not you owed taxes or received a refund last year, check your tax withholding to avoid not having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year. This is even more important due to the recent changes to the tax law for 2018 and beyond.

By |2021-02-10T14:50:16+00:00February 28th, 2016||0 Comments

5 Tips For Early Preparation

Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund. There are five easy ways to get a good jump on your taxes long before the April

By |2021-02-10T14:59:57+00:00February 28th, 2016||Comments Off on 5 Tips For Early Preparation

Amended Returns

Oops! You've discovered an error after your tax return has been filed. What should you do? You may need to amend your return. The IRS usually corrects math errors or requests missing forms (such as W-2s) or schedules. In these instances, do not amend your return. However, do file an amended return if any of

By |2021-02-10T15:00:54+00:00February 28th, 2016||Comments Off on Amended Returns

Ayuda en Espanol

If you need federal tax information, the IRS provides free Spanish language products and services. Pages on IRS.gov, tax topics, refund information, tax publications and toll-free telephone assistance are all available in the Spanish-language. The Spanish-language page has links to tax information such as forms and publications, warnings about tax scams that victimize taxpayers, information on the

By |2021-02-10T15:01:52+00:00February 28th, 2016||Comments Off on Ayuda en Espanol
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