Get tax credit this summer for your dependent care and child care costs
A lot of adults pay for day camps or child care during the summer months when they have to go to work. If you are a parent who covers these costs, you may be qualified to receive a federal tax credit that will reduce your taxes. Following are several important facts about the Child And Dependent Care Tax Credit:
1. You must be paying child or dependent care costs for at least one qualifying person. Dependent children or those who are below the age of thirteen will … Read more at 2009 Tax.
An agreement between a group of private companies that produce tax filing software,the Free File Alliance, and the IRS has made it very easy to file your taxes. The companies have availed their software to be used at absolutely no charge. This has resulted in over 40 million people turning to filing taxes electronically because of the ease and safety associated with this method. When you file your returns electronically, you also benefit from being able to receive your refund faster than those who have to go through a lot of paperwork.
The IRS has set the date to open up their filing season, for year 2014, on January 31st. They encourage all taxpayers to take advantage of Free File, e-file, or TurboTax 2014, to get the quickest refunds of their 2014 taxes.
This opening date for filing tax returns for 2013 will give the IRS enough time to properly program and test their updated tax processing systems. There were substantial delays in their system back in October, immediately after they experienced that 16-day government shutdown.
Surviving An IRS Audit
An IRS tax audit is requested when the tax filer submits tax information that doesn’t match with that submitted by employers, brokerage firms, banks and other institutions. This document-matching is only one means of identifying tax returns to be audited. The Discriminant Function System (DIF) is a point system the IRS gives each return rating it on its possibility of containing fraudulent information. Informants are still a popular means to detecting who has filed a fraudulent tax return and finally, self-employed persons and persons earning $200,000-1 million are often pursued when their returns appear suspicious.
Any … Read more at 2009 Tax.
IRS Publication 17 For 2013
If you want to do your own taxes, you need to understand the process. Fortunately, you do not need a degree in accounting to figure out how to do your own taxes. The best chance that you have to get through your taxes without making a mistake is to consult the document put out by the IRS for that purpose. IRS Publication 17 is a great guide for those working on their own taxes.
IRS Publication 17 is still the most useful IRS publication for figuring out exactly how your … Read more at 2009 Tax.
Welcome to the January 10, 2013 edition of Tax Carnival Ecstasy. In this edition we have an article from John Schmoll on the First Steps to Investing in the Stock Market for those looking to save for retirement. Bill Smith looks at President Obama And The Fiscal Cliff Deal that was recently signed after passage in the House of Representatives. And finally we have a post on Ways An IRS Tax Lawyer Help You. Hope you enjoy the articles in the carnival, bookmark our page, like on Facebook, tweet, share with your friends and come back soon.
James Dean… Read more at 2009 Tax.keep looking »