Claimed the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) and wondering why your refund is taking forever? Don’t stress! The IRS’s PATH Act puts a hold on these refunds until mid-February… EITC or ACTC Refund Delay?
The IRS is now making monthly child tax credit payments to eligible families. Depending on the age of your child, those payments can be as much as $300-per-kid each month from July to December. That’s an… Do you have to pay back the Child Tax Credit Payments?
IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020… How nonfilers can claim advance child tax credit payments
The IRS will have two online child tax credit portals open by July 1. That’s where you’ll change your status and more. The child tax credit payments are coming — the good news is 88% of American… Child Tax Credit: IRS to open portals on July 1; checks will begin July 15
Whether you have just one on the way or five and counting, kids are expensive. That’s why you should take advantage of tax cuts whenever possible. In addition to claiming them as dependents, you may… What is the Additional Child Tax Credit?
What is the Recovery Rebate Credit? You can claim your missing stimulus payment with the Recovery Rebate Credit. The IRS introduced the Recovery Rebate Credit for eligible taxpayers who did not receive the first or… Recovery Rebate Credit
Health insurance can be pricey. Luckily, you can get a refundable tax credit just for purchasing health insurance through the Marketplace. Keep reading to find out how you qualify. What is the Premium Tax Credit… What is the Premium Tax Credit
Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may experience a refund hold. According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue these refunds… Refund Timing for Earned Income Tax Credit and Additional Child Tax Credit Filers
While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need… Who should file a Tax Return?
If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between… Who Claims the Kids after Separation: You or Your Ex?
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… Important things to know about Tax Credits
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… Earned Income Credit – How Does It Work?
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… What Are Exemptions?
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… An In-Depth Look At The Tuition And Fees Deduction
When filing your personal income tax return, there are primarily two ways to reduce your tax liability: deductions and credits. Although any way to pay Uncle Sam less is greatly appreciated, there are advantages to… The Difference Between Deductions And Credits
In all the complexity of tax preparation, it is easy to miss a deduction or credit. This is a particular advantage to utilizing a professional tax service because they ask all the questions you may… Most Commonly Missed Deductions And Credits
Tax credits and tax deductions are two different types of tax breaks. Both can lower your tax bill, but they work in different ways. What is a tax deduction? A tax deduction is an expense that you can subtract from your yearly… Tax Credits vs Tax Deductions
The Hope credit (renamed the American Opportunity credit) and the Lifetime Learning credit are tax credits for taxpayers who pay certain higher education costs. These credits depend on the amount of qualified tuition and related… What are the Hope credit and the Lifetime Learning credit?
Military members benefit from a variety of special tax benefits. These include certain nontaxable allowances, non-taxable combat pay, and a variety of other special tax provisions. Here is a rundown on the most prominent of… Tax Benefits for Members of the Military
Are you planning on claiming the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) on your federal tax return this year? If yes, then you should know some things have changed since… Earned Income Tax Credit And Child Tax Credit – What Changed
The Earned Income Tax Credit (EITC) is a refundable tax credit given to taxpayers that earn a low-to-moderate income from a job or through self-employment. According to the IRS, around 25 million eligible filers received… Don’t Miss Out on Claiming the Earned Income Tax Credit This Year
Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent… What is the Dependent Tax Credit, Deduction and Exemption?
More families will be able to get more money under the newly revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in… More families will be able to get more money under the newly-revised Child Tax Credit