Today is National Earned Income Tax Credit (EITC) Awareness Day for 2015. Four out of five workers claim and get the EITC they earned. In California alone, statistics for the 2013 tax year included 3.1 million EITC claims for a total
Category: Tax Filing
Health Coverage Exemption Certificate Number (ECN)
For a taxpayer that did not have health insurance for 2014, he or she must either owe a penalty tax on line 61 of Form 1040, or must file Form 8965, Health Coverage Exemptions, to report to the IRS why
Newly Married and Wondering How to Do Your Taxes
Congratulations! This exciting time in your life can bring lots of changes, such as moving into a new apartment, buying a house, combining finances or joining families. It’s so fun to start out your new life together, but it’s a
4th Quarter 2014 Estimated Taxes Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, make sure your 4th quarter 2014 estimated tax payment is postmarked by January 15, 2015. What are the filing dates for federal quarterly estimated
Health Insurance Information You Will Need to Prepare Your Taxes
Whether you are preparing your taxes yourself or using a tax preparer, this year’s taxes will be a little more complicated. Since the provisions of the Affordable Care Act (ACA) became effective in 2014, tax preparers need even more information
Tax Season Starts January 20th 2015
The Internal Revenue Service announced that it anticipates opening the 2015 tax filing season as scheduled on January 20th 2015. Keep in mind, even if you want to file on January 20, you might not be ready. Employers have until the
Seven Facts about Injured Spouse Relief
If you file a joint return and all or part of your refund is applied against your spouses’ past-due debt you may be entitled to injured spouse relief. An “Injured Spouse” should not be confused with an “Innocent Spouse.” A
Tax Increase Prevention Act of 2014
Congress has passed the Tax Increase Prevention Act of 2014 which includes more than 50 tax breaks (tax extenders) that were set to expire December 31, 2013 but have been extended temporarily and retroactively. So what exactly are tax extenders, anyway? Tax
Reduce Tax Bill by Making Early Mortgage Payment
Making your January 2015 mortgage payment in December 2014 can help increase your mortgage interest deduction which in turn can lower your taxable income. When your taxable income is lower then your total tax is lowered and can increase your
Required Minimum Distributions for 2014
Are you a retiree who is 70 1/2 years old and have a traditional Individual Retirement Arrangement (IRA) or work retirement account 401(k), 403(b) and 457(b). Remember to take your required minimum distribution (RMD) by December 31, 2014. Special Rule