With New Year’s Eve celebrations right around the corner, it is important to know your limits.I don’t mean your limit on glasses of champagne and calorie intake, although those limits are also pretty important while you ring in the new year. Uncle Sam has some changes in store as we head into 2015. Continue reading “Know Your Limits”
A couple of weeks ago, I wrote about new tax laws that may affect higher-income households. In the spirit of equal time, I’d like to talk about tax benefits that traditionally help those with lower incomes. Specifically, I’m talking about tax credits. Continue reading “Let Uncle Sam Pay Part Of Your 2013 Taxes”
You’ve probably seen the commercial with pallets of money being dropped from above, representing a billion dollars of missed tax deductions and credits from taxpayers who do their own taxes. You don’t have to go to a tax pro to get your fair share, however. Just make sure you don’t overlook some of the following items that could increase your tax refund: Continue reading “Don’t Overlook These Commonly Missed Tax Breaks”
For many lower income employees, their yearly tax return provides more than just a refund of their tax withholding – it can include refundable tax credits that can add thousands of additional dollars to their bank account. The Earned Income Credit http://www.irs.gov/individuals/article/0,,id=150513,00.html (EIC) can add up to $5,751 for a working parent with 3 or more children making a yearly income of less than $43,998 and if the kids are under age 17 there could be up to an additional $1,000 child tax credit for each. Because of these large refunds, many tax preparation services aggressively go after these taxpayers with the temptation of getting their refund immediately, instead of waiting the average 2 weeks it takes to get their tax refund directly deposited by the IRS. Continue reading “Employee Tax Education: Are Prep Fees Too Taxing on Your Lower Income Workforce?”
