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With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. Earned Income Tax Credit The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for working people with low to moderate incomes who meet certain eligibility requirements. Because it’s…

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The agency and the tax-collection system it oversees are on the brink of catastrophic collapse. Anyone who deals with the IRS on a regular basis knows that the agency is in trouble: IRS employees are less able than ever to effectively and efficiently handle their work. The internal problems facing the agency were greatly exacerbated…

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Adjust withholding The IRS urges everyone to use the Tax Withholding Estimator to perform a  paycheck or pension income checkup. This is even more important for those who received a smaller refund than expected or owed an unexpected tax bill last year. It’s also a good idea for anyone who had a key life event,…

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October 15 is the filing deadline for taxpayers who requested an extension for their 2018 tax return. However, those who have an extension should mark this coming Tuesday, Oct. 15 as the deadline to file. While the deadline is just around the corner, there are still things these taxpayers can remember to make sure they…

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Everyone has a responsibility to pay his or her taxes each and every year. There are severe penalties imposed by the IRS if you avoid or neglect a tax filing submission, and you don’t want to make life chaotic for yourself. The solution, then, is simple, and it furthermore requires you to stay on top…

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The earned income credit (EIC) is one of the most beneficial credits for individuals with children or those that are low income. Created in 1975 as an incentive for people to work, this credit potentially translates to huge tax savings. As with many other credits, you may not claim the earned income credit (EIC), also…

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The first step in planning for the year’s tax liability is filling out a W-4 form for your employer. Most people do not even know what a W-4 is let alone how to fill one out or the consequences for completing it incorrectly. While you will not be stoned in the street for claiming too…

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The term “exemption” is often one that inspires bewilderment and perplexity among the most intelligent individuals. When filing your personal tax return or even filling out a W-4 for your employer, you may not be sure what exactly an exemption is – and you certainly do not want to ask and look like an idiot. So,…

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There are several ways in which education expenses can be used to decrease your tax burden. In addition to the Hope Credit, the Lifetime Learning Credit, and the student loan interest deduction, there is also a deduction available for tuition and fees related to educational expenses. Although this deduction can not be taken if you…

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