Having Health Insurance through Employer

Health Insurance as we all know has become one of the important factors that affect your tax return and refund if any. Just about when most of the taxpayers have bought a valid cover, there are also a considerable number of taxpayers who were given coverage by their employer. Let’s discuss some of the facts involved in this, so that it gets easier to handle affordable care act and shared responsibility payments the next time your employers chooses to do the coverage for you. Read More Having Health Insurance through Employer

Did Someone Pay Off Your Student Loan?

While millions of students come off with flying colors graduating every year, they have a ticking time bomb under their hats in the name of –Student Loan. Many academically strong students also find it hard to get a job that will help them pay off their student loan.
Some of them get lucky when someone offers to pay off their debt totally or a share of it as a gift for graduating or as a good will gesture. Whatever it may be, it’s a total relief to see your debt come down and allows you more breathing space. But, you are not going to enjoy all of it without paying tax. Yeah, we mean it! Even if your loans get magically paid off, be informed that it might invite various tax consequences under difference situations. Read More Did Someone Pay Off Your Student Loan?

Summer Jobs Tax Information for Students

Sumner Jobs are fun thing to help your kids get used to money management. Money Gurus share a variety of healthy budget coaching ideas for every kid to help them grow as individuals who are more responsible towards earning and saving money. But, when it happens to be a real earning job, it will affect you as a parent on your tax. Depending on your little one’s age and the amount of cash they manage to make, you may have to face surprising tax consequences. While it’s fun to let them explore a new horizon, you will have to keep track of their earnings to escape any unwanted tax issues. In this post, we’ve covered some of the important summer jobs related tax information for students.
At the end of your kid’s summer job, they might be shocked to see their pay check only to find out that a chunk of their hard earned money is gone. Take up the responsibility to explain your kid about the taxes withheld from their earnings to help them understand their tax responsibility as an earning citizen of the country. Read More Summer Jobs Tax Information for Students

California’s All New Earned Income Tax Credit

Just as the federal EITC Awareness Day was celebrated on January 29th as its tenth anniversary, the States new credit announcements has turned out to be an encouragement for those who make use of the Credit. This year, California’s low to income earning families can enjoy a larger than usual refund as the state has announced Earned Income Tax Credit for its taxpayers. The taxpayers who claim for the usual federal credit can claim both the EITC together this season.

Californians received more than $7 billion as federal EITC last year, which is an average of $2,401per taxpayer. On the other hand, close to a quarter of eligible Californian taxpayers don’t seem to claim the credit thus leaving billions of dollars with the IRS unclaimed. Read More California’s All New Earned Income Tax Credit