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Topic: Exemptions

Internal Revenue Service gives Eight Tax-Time Errors to Avoid

 

Internal Revenue Service - IRSWashington, D.C. – If you make a mistake on your tax return, it can take longer to process, which in turn, may delay your refund.

Preparing your return on a computer and e-filing it will significantly reduce the chance of errors, but even then it’s still important that you input the correct information. «Read the rest of this article»

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IRS gives Six Important Facts about Dependents and Exemptions

 

Internal Revenue Service - IRSWashington, D.C. – Do you have questions about who you can claim as a dependent on your tax return? Does each person on your return qualify for an exemption?

The IRS has six important facts about dependents and exemptions that will help you file your 2012 tax return. «Read the rest of this article»

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IRS helps you determine your correct Filing Status

 

Internal Revenue Service - IRSWashington, D.C. – Should you file as Single? Married? Does Head of Household status apply to you?

It’s important to use the correct filing status. It can affect which tax benefits you’ll get, how much your standard deduction and correct tax will be, and could even affect whether or not you have to file a return.

Of the five filing statuses, the Head of Household status may be the one most often claimed in error. Make sure you qualify before choosing that one. «Read the rest of this article»

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Six Important Facts about Dependents and Exemptions

 

Internal Revenue Service - IRSWashington, D.C. – Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions.

The Internal Revenue Service (IRS) has six important facts about dependents and exemptions that will help you file your 2011 tax return. «Read the rest of this article»

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Ten Tax Benefits for Parents

 

Internal Revenue Service - IRSWashington, D.C. – Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year.

  1. 1.   Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.
  2. Child Tax Credit You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit. «Read the rest of this article»
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Six Important Facts about Dependents and Exemptions

 

Internal Revenue Service - IRSWashington, D.C. – Some tax rules affect every person who may have to file a federal income tax return – these rules include dependents and exemptions.

Here are six important facts the IRS wants you to know about dependents and exemptions that will help you file your 2010 tax return. «Read the rest of this article»

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2010 Changes Offer Expanded Tax Benefits

 

Three Extra Days to File and Pay

Internal Revenue Service - IRSWashington, D.C. – Taxpayers, nationwide, will have until Monday, April 18th, 2011, to file their 2010 returns and pay any taxes due. Taxpayers get the extra time because Emancipation Day, a holiday in the District of Columbia, is observed this year on Friday, April 15th. By law, D.C. holidays impact tax deadlines in the same way that federal holidays do.

The April 18th deadline applies to any return or payment normally due on April 15th. It also applies to the deadline for requesting a tax-filing extension and for making 2010 IRA contributions. «Read the rest of this article»

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Five Facts about Dependents and Exemptions

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

Claiming exemptions for yourself and your dependents can help reduce your total tax liabilities. A dependent is a person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption. Each dependency exemption decreases income subject to tax by the exemption amount. There are two types of exemptions: personal exemptions and exemptions for dependents. The exemption amount for 2009 is $3,650. «Read the rest of this article»

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