If you had received a letter from the IRS it could be a simple verification or a big issue that you have to deal with. Whatever it is, we thought of letting you know about a few things to remember that could help you handle any situation with ease. There is nothing panicky if one shows up in your mailbox form them. IRS is available to give heed to your concerns and tax mistakes, so just be sure and stay informed to take the right corrective measures that will get things straight. Read More Letter from the IRS- Now What?
Owning a house means opening your door to beneficial tax breaks. We have come up with a list of most lucrative tax breaks that home owners are eligible for, check’em out!
1. Deductions for Mortgage Interest & Property Taxes:
We call it the biggest of all! A homeowner is eligible to deduct their mortgage interest on loans up to $1,000,000 that they used for buying or building their home (up to $500,000 if they’re married and filing separately). Read More Top 5 Tax Breaks for Homeowners
The whole part of Uninsured America is gearing up to get insured or to pay penalty for not doing so come this 2015. This new Health Care Reform consists of new tax credit for an estimated 20 million low-to-middle income earning Americans. The Government has made provisions to enable low income population of America to afford for a health insurance and thus improving the overall well being of the country. Read More The New Health Care Reform
Everyone knows that Unemployment Benefits which comes as a relief during the tough times is also taxable but, there are few specifics about them that can come as a surprise to many. Here is a short listing of this welfare benefit which is capable of changing your Tax Due- Take a look! Read More Five Facts on Unemployment Benefits
Filing Form 1040EZ: The first thing that will bring a smile to your face about Form 1040EZ is a hint that it is the shortest forms of all. Considering the fact that you are a first timer, there is a real big chance for you being eligible to file this easy tax form. Remember that it’s easy, small and of course, a form that many tax filers prefer if their taxable income is below $100,000. Read More Five Unfailing Tips for the First Time Filers!