Category Archives: Tax Returns

How Does Form W-2 Work?

Now this is really a vast subject to discuss about wholly so, we’ve decided to cove it part by part in our other upcoming posts. To start with, let’s see what exactly is this form used for?

What is Form W2?

This is an informational form that reports you, the local and the Federal government about your earnings through wages, salaries, other compensations, tips and tax paid for the entire year.
Read More How Does Form W-2 Work?

 

Nonrefundable Renter’s Credit California Requirement

tax-credit-usBeing a California taxpayer has one more credit to add to the list of benefits you will receive while filing your tax. This credit is something that can free up money that you might have to spend on renters insurance or other bills.If you had lived in a California rented property for six month and more and don’t earn much, this credit will add up your savings.
Your personal tax liability can be lowered by claiming this nonrefundable credit if you meet the following requirements. Read More Nonrefundable Renter’s Credit California Requirement

 

Let’s Discuss Premium Tax Credit

For the first time ever, health care coverage is reported on every individual’s tax return. Everyone is talking about the Affordable Care Act and its impact on the filing tradition. Though there are many new topics revolving around this much hyped health Insurance act reform, people are keener in knowing about the ‘Premium Tax Credit’. Many may know that it’s a credit that can be claimed if you get your health insurance coverage through the Health Insurance Marketplace. But, what has it got to offer to the public? Let’s discuss… Read More Let’s Discuss Premium Tax Credit

 

Overview on Taxes for Tips Income

Working in industries that gives an additional income like tip income is definitely great but, how cool is it during the tax season? Many of us overlook the fact that a tip income has to have proper records and needs to be transparent. Covering up these earnings or failing to keep a track of them can lead to legal actions by the State and Federal Tax bodies.

What does IRS say about tip income?

Read More Overview on Taxes for Tips Income