What’s yours is mine and mine is… Uncle Sam’s?!
One of the ultimate goals in society today is to eventually own something. Unfortunately, the whole American Dream notion tends to be accompanied by a few undesirables; one of which is property taxes. Depending on your budgeting skills and your own aspirations, you could end up paying taxes on one or any of the following:
- Vacation home
- Rental property
The list goes on and on. With our end goal of home ownership in mind, we should fully realize all of the additional expenses that come along with it. Property taxes are one of those major expenses. Ringing any bells? If so, we’ve got some good news for you. Although you can’t technically nix paying taxes on your property altogether, you may qualify for a tax deduction, thanks to Uncle Sam.
Which property taxes qualify for the write-off?
Continue reading “Property Taxes 101: How to Claim a Tax Deduction”
Feel like the coach of a small football team? The IRS gets it!
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 also qualify for some other credits. One that could end up benefiting you substantially is the Additional Child Tax Credit. Let’s see if this one is for you!
What is the Additional Child Tax Credit (VS. the Child Tax Credit)?
You’ve probably heard of the Child Tax Credit. I’ll sum it up for those of you who don’t (but also check out our other article which goes into more detail, “How to Claim the Child Tax Credit”). Basically, it is a credit that can reduce your tax liability up to $1,000 per qualifying child listed on your tax return. This credit is NON-refundable, meaning that it will reduce your tax liability to $0 but will never overflow into a refund for you.
Now that we’ve covered the Child Tax Credit, you’re probably wondering what the Additional Child Tax Credit is all about, right? This is the refundable credit that will fork over the difference that you weren’t able to claim from the Child Tax Credit.
Let’s take a look at an example:
Cindy and Lou have three qualifying kids listed on their joint tax return. Their tax liability is $2,500. After applying their Child Tax Credit at $1,000 per child, they were able to get their tax liability down to $0. They then figured out that they qualified for the Additional Child Tax Credit. Cindy and Lou were able to claim that additional $500 as a tax refund!
Here’s the math: $2,500 IRS tax liability – $3,000 total Child Tax Credit for three kids = – $500 Continue reading “How to Qualify for the Additional Child Tax Credit”
Did you know that about 40% of New Year resolutions are money-related?
Whether it’s spending less, saving more, or just getting financially organized overall, it’s important to most of us. As we already know, taxes have a lot to do with our money goals. We’re either itching to get a hold of our tax refund or dreading paying our tax due.
Whatever the case may be for you, we’re going to help you tax charge of your financial resolutions for 2017. With the RapidTax 2016 Tax Calculator, you’ll be able to see the big picture before even looking at a confusing IRS form.
How can the tax calculator 2016 help me?
Our user-friendly calculator tool will assist you with all of the following:
- Calculating your 2016 tax refund.
- Figuring out your 2016 tax balance due.
- Seeing how your filing status, income, exemptions, expenses, and qualifying deductions and credits affect your tax situation.
Our tool allows you to take many aspects of your specific circumstances into account before filing your return. You can enter all donations, retirement income, investments, etc…for the year to see your refund increase or decrease. Then we’ll provide you with a detailed summary so that you understand our calculations.
How to access the 2016 tax calculator
It’s almost too easy to navigate our calculator. You have access to different tabs. Within each tab, you’ll enter your tax information to the best of your knowledge. Remember, you can use estimated amounts if you haven’t received certain income statements yet.
Need to find out your prior year refund or tax due amounts? We have calculators for 2014, 2015, and 2016 too!
2017 Refund Cycle Chart
The refund schedule is something that the IRS has discontinued due to accuracy issues. However, the cycle tends to be generally similar each year. It’s important to realize that these dates are not guaranteed to be accurate. They are ESTIMATES based on past tax seasons. This year does come with a few exceptions that should be taken into consideration**.
Continue reading “How to Use the 2016 Tax Calculator and Refund Cycle Chart”