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What is a Dependent Tax Credit?

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dependentsThe dependent tax credit is a brand new tax credit. The old tax break for dependents was eliminated for 2018 during the overhaul of the tax system. Now you can get a credit worth either $500 or $200. It all depends on your modified adjusted gross income, however.

This guide is going to introduce you … Read the rest

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What is the Earned Income Tax Credit and Can I Claim It?

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The Earned Income Tax Credit (EIC) is one of America’s most popular tax credits. It’s designed to help out low and middle-income earners. If you meet the guidelines for claiming the credit, this is one of the most valuable credits you can take. Furthermore, if you qualified for the EIC from 2015 onwards, and you didn’t claim it, you can go refile for those years and claim the money you were entitled to. What You Need to Know About the EIC For the 2021, 2022 tax year, the EIC is worth anywhere from $538 to $6,660. How much you’re entitled

E-File to Jumpstart Your Tax Refund

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The IRS always suggests filing as soon as you have all of your tax forms and documents together. By doing so you will be able to have your tax return processed and receive your refund quickly. In some cases, depending on the tax software that you use you are able to file your returns even if the IRS has not started accepting returns yet. E-filing vs Paper Filing To file your taxes you have the option of e-filing or paper filing. E-filing is always recommended because it is quick, safe, and easier than paper filing. However, when you paper file

Deducting Mortgage Points on Your Tax Return

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If you have decided to purchase a home, you know that your mortgage is one of your largest debts – if not the largest. You may also find yourself paying fees known as “mortgage points.” The good news is, if you have to pay mortgage points, you usually can deduct the points when you file your taxes. Mortgage Points Explained Each mortgage point is equivalent to 1% of your loan. For example, if you have a $100,000 loan for your home, each point is equal to $1,000. There are two types of points that you need to be aware of

Six Ways New Parents Can Save on Taxes

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If you had a baby recently, they are bringing you more than joy this year. They also bring in bundles of tax savings for you during tax season. New Parents Tax Guide When you become a parent, you get a ton of benefits. The more children you have the better the benefits become. Below are a few tax deductions and credits you can claim this tax season. Earned Income Tax Credit – Depending on your income, filing status, and family size, you may be able to get this refundable tax credit. If your credit amount exceeds your tax liability, you

Capital Gains Tax on Real Estate

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What is the capital gains tax in the US? Basically, it’s the income tax you pay on the profits from capital assets. In other words, if you sell your home for a profit, this counts as a capital gain. The amount of profit you earned will determine how much you’re charged for capital gains tax purposes. The problem for many people is that the Tax Cuts and Jobs Act (TCJA), which is President Donald Trump’s signature tax reform bill, has altered everything. As of 2018, the rules have changed somewhat. If you’re expecting a capital gain soon, this is what




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