admin
Nov 23, 2020How to get prior-year state tax information
If you have not yet filed your prior-year state tax returns, you must obtain your income statements for the tax year to do so. Your prior-year state tax information, such as your state tax withholding, is located on your income statements. For example, on your W-2 statement, the state income tax amount is in box […]
adminNov 23, 2020Preparing a State Return
You may wonder, “how do I file my state tax return?” With our website, the only information you need is your state income and withholding amounts. This is found on your income statements, such as your W-2 in boxes 16 and 17. We use the income reported in the Income section, as well as the […]
adminNov 20, 2020Child Tax Credit (CTC)
If your child is under 17, you may qualify for the Child Tax Credit (CTC). You can also receive a part of the credit, which is refundable, called the Additional Child Tax Credit (ACTC). To be eligible for the CTC, your qualifying child must have a social security number, have lived with you for more […]
adminNov 20, 2020Dependent Care Credit
If you paid child care expenses for a qualifying individual in order for you and your spouse to work or look for work, this credit is for you. You cannot take this credit if your filing status is married filing separately. Your total expenses cannot be more than $3,000 per qualifying individual. As long as […]
adminNov 20, 2020Health Coverage Tax Credit (Form 8885)
If you and your family are paying premiums for qualified health insurance programs, you may be eligible for this credit. This credit is available from 2002 to 2013 and extended to 2021. The Health Coverage Tax Credit (HCTC) is a tax credit for taxpayers who are at least 55 to 65 years of age, who […]
adminNov 20, 2020Prior Year Minimum Tax Credit (Form 8801)
This credit is a nonrefundable credit if you paid the Alternative Minimum Tax (AMT) in a previous tax year. The Alternative Minimum Tax credit is used to recover excess tax paid due to the AMT in prior years, but it can only be applied to reduce your regular income tax liability in subsequent years when […]
adminNov 20, 2020Mortgage Interest Credit
The Home Mortgage Interest Credit is a tax incentive that helps lower-income households afford homeownership. To qualify, you must: Receive an MCC: Obtain a Mortgage Credit Certificate from your state or local housing finance agency when you buy your primary home. Pay Mortgage Interest: Pay up to $2,000 in mortgage interest annually. You can claim […]
adminNov 20, 2020First-Time Homebuyer Credit Repayment
If you claimed the First-Time Homebuyer Credit in 2008-2010, you may have to make an annual repayment installment. This is located on your tax returns for those years, form 5405. Use your IRS online account to check your repayment obligation, or contact the IRS directly at 1-800-829-1040, Monday – Friday, 7am-7pm. You will need your […]
adminNov 20, 2020First Time Homebuyer Credit
The first time home buyer credit (Form 5405) was for taxpayers who purchased homes between April 8, 2008 to September 30, 2010. This credit is not available for those who purchased homes after 2010. Although this credit ended in 2010, those who bought homes before then can still claim the credit. You can claim this […]
adminNov 20, 2020Residential Energy Property Credit
You can claim the residential energy property credit if you made energy-saving improvements to your main home located in the United States that were not part of its original construction. You cannot claim the credit if you are a landlord or other property owner who does not live in the home. The credit is nonrefundable, […]
Don’t Miss Any Updates
Sign up with your email to receive latest updates.
