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The most awaited amount of money is the money you are expecting as a Tax refund from the IRS. If you have filed for the return electronically you should expect a response within 21 days. On the other hand if you have filed on paper you need to wait for atleast six weeks. Having said [...]
Difference between a Child Tax Credit and Additional Child Tax Credit Child Tax Credit is issued to people who have children. They can lower their tax bill by claiming tax credit on a child. If the tax balance is below zero dollars the tax credit cannot be claimed. The tax credit is non-refundable. You [...]
You don’t keep one job all your life. There are many times when you switch from one job to another or you might start a business of your own. Sometimes you might lose the job completely. All these scenarios are possible in your career. Here are some tax related issues related to change in your [...]
Taxes are the bitter truth of our lives which are unavoidable in all sorts of circumstances. There are certain events in our lives which have an impact on the way the taxes are levied. Here are the few events listed: Birth or Adoption of a Child The biggest life changing event in any one’s life [...]
As a Tax payer you must be aware of all the terms and tax benefits that you can get. May people are unaware of Additional Medicare Tax which was implemented recently in the year 2013. It was implemented in the basis of Affordable care Act (ACA). According to ACA, If your income exceeds a certain [...]
Newly Wed couples face so many changes in their lives. They start a new home, they adjust to the new routine, decide upon sharing bills and other payments, match their job timings, along with that another major change that they face is in their tax status. There are some consequences related to Tax which [...]
Most of the people believe that they will have to pay fewer taxes when they are retired. But in some states the situation gets the other way round. The tax payer has to pay more shares in taxes when he is retired. It depends on the amount of income that a retired person [...]
If you owe the IRS it is better to start thinking of ways to pay them rather than waiting for the burden to increase. Here are some ways through which you can minimize the burden of owning taxes: Tip No. 1: Pay it off The foremost tip is to try your best and [...]
It is estimated that most of the tax payers use help of tax prepares to file their taxes. If you are one of the 60% people who do not prepare their tax returns themselves it is important that you collect all your documents and start finding the right tax preparer for yourself. Step No.1: Choose [...]
Tax payers find it difficult to fill the tax forms and prepare the tax returns. Here are few strategies that can make this process simpler: Find the right tax forms Tax payers usually fill the wrong forms sue to which the process becomes long and tiring for them. The most important step is to [...]
