Need a hand preparing your tax return this year?
There’s a good chance that if you are one of many low income taxpayers, you will file a tax return this year. Preparing that return doesn’t have to cost you most of that refund you’ve been looking forward to.
There are credits specifically targeted toward taxpayers earning less than $50,000 per year. Let’s take a look at four credits that should be on your radar this year.
Earned Income Tax Credit
This credit was originally created as an incentive for people to work. Eligibility and the amount you receive from this credit are determined by filing status and income; specifically your adjusted gross income. To qualify for the credit, you must be between 25 and 65 years old. You also must be either single or married filing a joint tax return. If you qualify, you can earn up to $6,242! A few things to keep in mind before blindly claiming this credit are: Continue reading “Tax Filing for Low Income Taxpayers”
Sometimes we’re so busy growing up that we forget they’re growing old.
Everyone knows that claiming a dependent on your income tax return can get you a significantly larger refund. For every dependent you claim on your taxes you can claim an extra personal exemption. That’s a large chunk of change you can deduct from your income, thus reducing your tax burden.
But who exactly can you claim? Are you eligible to claim your parents as dependents?
When it comes to taxes there are actually two different types of dependents: qualifying children and qualifying relatives.
Obviously, you can’t claim your parents as qualifying children. So the question becomes, do they meet the requirements for qualifying relatives? Continue reading “Can You Claim Parents as Dependents?”
The holidays are upon us and so is the 2017 Tax Season!
Before getting wrapped up in the feasting and celebrating, it might be smart to think about where you stashed that box of receipts for the year. That’s right! The 2017 tax season has snuck up on us yet again. But let’s get one thing straight. This is not a time to panic. In fact, if you’re reading this, you’re most likely ahead of the game already!
We’re here to help you get your tax situation in order. That way you can focus on the important things this time of year calls for.
Dates and Deadlines
It’s important to have some dates in mind or even marked on your calendar. Here’s the deal:
- January 1st marks the launch of the RapidTax 2016 application! You can start submitting your accounts with us and get in line for the IRS start date to e-file.
- January 23rd is when the IRS opens up the doors to e-file your return. If you have already submitted your 2016 return with RapidTax, then you wouldn’t need to worry about this date. We’ll submit it to the IRS for you.
- April 18th marks Tax Day for individual returns! It is also the last day to file a tax extension. Here’s a tip… if you aren’t able to file your return by this date, then FILE AN EXTENSION (psst, it give you an extra 6 months to file, penalty-free)
Receipts and Documents
When preparing your tax return, you’ll probably need to have a few things handy. Here’s what you can work on digging up: Continue reading “When Does the 2017 Tax Season Start for Filing 2016 Tax Returns?”