Did you file your 2017 tax return?
The 2017 tax deadline is finally here. As a matter of fact, most Americans are rushing to find their income statements to file their tax returns. Now, whether you’re internet surfing to find a do it yourself tax preparation site or a loyal Rapidtax user, we’re here to make filing your 2017 tax return less stressful. After entering your tax information, enter the coupon code you see below during your checkout process.
Read on to find out how to use Rapidtax to get $5 OFF your 2017 tax return now! Continue reading “Get $5 OFF your 2017 Tax Return using your Rapidtax coupon!”
Be ready for the new tax reform.
Get your to do list out and take some action to reduce your 2018 taxes now! Although taxpayers might be hurriedly finishing their 2017 tax returns before the e-file deadline, some tax deductions will not be there for the next tax season due to the Tax Cuts and Jobs Act. (TCJA) Ultimately, the design of the new tax reform is to lower taxes for individuals of all income groups until 2025. Bear in mind that along with that idea, many individuals who itemize their deductions are worried about the tax turmoil they’ll face when filing with each capped or eliminated deduction.
Did you know that can take steps in 2018 to decrease your taxes for next tax season? Here’s a few tax tips for you.
Rack up your medical receipts.
Continue reading “Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!”
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”