Breaking Down the Higher Education Tax Credits
Money you paid for higher education in 2015 can mean tax savings in 2016. If you, your spouse, or your dependent took post-high school coursework last year, there may be a tax credit or deduction for you. Here are some facts from the IRS about key higher education tax credits. The American Opportunity Credit (AOTC) […]
PATH Act Increases and Makes the Child Tax Credit Permanent
The new “extenders law” enacted late in 2015 retains several key tax provisions and makes them permanent with certain modifications. One of the most important ones to middle class families is the child tax credit. It can costs hundreds of thousands of dollars to raise a child these days, but at least the tax law […]
Does My Child Need to File a Tax Return?
The Internal Revenue Service requires all taxpayers, regardless of age, to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents. However, unlike adult taxpayers, you may or may not have to file a child’s tax […]
Tax Tips: Choosing the Right Filing Status
Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you pay in taxes. It may even affect whether you must file a tax return. When choosing a filing status, keep in mind that your marital status on Dec. […]
