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| Available Education Credits There are 2 credits allowed for higher education: the Hope Credit and the Lifetime Learning Credit. You can claim the credits for eligible expenses paid on behalf of yourself, your spouse or a dependent for whom you can claim an exemption. Hope Credit — The credit is allowed for the first 2 years of college. It may not be claimed for more than 2 years, and the student must be enrolled in at least half of a full-time load in a degree program. Plus, the student can't be convicted of felony possession of a controlled substance. Lifetime Learning Credit — This credit can be claimed for any number of years. The number of hours the student is enrolled and drug felony convictions aren't factors for the Lifetime Learning Credit. You can claim both credits for one year, but you can claim only 1 of the credits for any student. For example, you can claim a Hope Credit for 1 of your children and the Lifetime Learning Credit for another, but you can't claim both credits on behalf of either of the children. To claim the credit, modified adjusted gross income (MAGI) must be less than $58,000 for Single, Head of Household and Qualifying Widow(er) ($116,000 for Married Filing Jointly), and the student must be attending an eligible institution. Those who are Married Filing Separately can't claim the credits. If the parents are eligible to claim the student as a dependent, they claim the credit unless they choose not to claim the exemption for the student. The student can't claim his or her exemption even though he or she can claim the credit. Note: For students who attended an eligible educational institution in a Midwestern disaster area, the Hope Credit can be as much as $3,600. The Lifetime Learning Credit for such students is 40% of eligible expenses with a maximum credit of $4,000. These provisions apply for 2008 and 2009. Tuition and Fees Deduction If your MAGI is $65,000 ($130,000 if Married Filing Jointly) or less, you can deduct up to $4,000 of eligible tuition and fees for yourself, your spouse or a person for whom you claim a dependent exemption. If your MAGI is between $65,000 and $130,000 ($130,000 and $160,000 if Married Filing Jointly), you can deduct up to $2,000 of eligible tuition and fees. If your MAGI is more than $80,000 ($160,000 or more if Married Filing Jointly) you can't claim the tuition and fees deduction. You can't claim the deduction if you're Married Filing Separately, if another person can claim you as a dependent, or if you were a nonresident alien for any part of the year (unless you elect to be treated as a resident alien). You can claim the tuition and fees deduction or an education credit for a student, but not both. Choose the benefit that results in the larger tax savings. You can't use expenses used to figure this deduction when figuring the exclusion for savings bonds interest or the exclusion for income from a distribution from a Coverdell ESA or QTP. You also must reduce the expenses used to figure this deduction by the amount of tax-free scholarships and nontaxable employer-provided educational assistance you received. Student Loan Interest Deduction You may be able to deduct up to $2,500 of interest payments on a qualified student loan if your modified adjusted gross income (MAGI) is less than $70,000 ($145,000 if Married Filing Jointly). You can't deduct student loan interest if someone else claims you as a dependent or if you're Married Filing Separately. For the Student Loan Interest Deduction, a dependent includes the following: An individual who was not eligible to be claimed as a dependent because the individual filed a joint return. An individual who was not eligible to be claimed as a dependent because the individual had gross income of $3,500 or more. An individual for whom you can't claim an exemption only because you're the dependent of another taxpayer. The loan can't be from a related person or made under a qualified employer plan. You can deduct the interest only if you are legally required to make payments on the loan. The student must be enrolled at least half-time in a program leading to a degree or other recognized educational credential. You can't claim the deduction for student loan interest if a deduction for the interest would be allowed under another rule (for example, under the rules for home mortgage interest). The Student Loan Interest Deduction is taken as an adjustment to income, so you can claim this deduction even if you don't itemize deductions on Schedule A (Form 1040). Work-related Education and Employer-provided Educational Assistance You may be able to deduct the cost of qualifying work-related education as a business expense if you weren't reimbursed by your employer or if the cost exceeded your reimbursement. You can claim the deduction only if you itemize deductions. The deduction is one of the deductions subject to the 2% of adjusted gross income floor. The education must also meet one of these criteria: The education is required by law or by your employer to keep your present salary, status or job. The education maintains or improves skills needed in your present work. If the education is needed solely to meet the minimum educational requirements of your present job, or will qualify you for a new trade or career, you can't deduct the educational expenses. Tuition and fees you can't deduct because they don't meet the requirements may be deductible as part of the tuition and fees deduction discussed below. It's generally better to claim the tuition and fees deduction. If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. Payments in excess of $5,250 are taxable unless the payment qualifies as a working condition fringe benefit. The payment will qualify under this provision if you could deduct the education expense if you paid for it. Benefits include payments for tuition, fees, books, supplies and equipment. The payments may be for either undergraduate- or graduate-level courses. To qualify, the plan must be written. Your employer will include the taxable amount (if any) in your W-2 wages. |
''United States Income Tax General Information:
''Education Tax Credit, Tax Saving, Tax Reduction, Tax
Benefits. ''How to Maximize Your Tax Deductions!
''Education Tax Credit, Tax Saving, Tax Reduction, Tax
Benefits. ''How to Maximize Your Tax Deductions!
| The IRS Web site (www.irs.gov) contains forms, worksheets and publications you need to complete your tax returns. It also contains advice, FAQs, and new and changing tax laws. There are also links and information for your state taxes and online tools and calculators. The IRS Web site is a great resource for all your income tax questions, but if you need to contact the IRS by phone, here are some important numbers. Customer Service 800-829-1040 Forms & Publications 800-829-3676 Lost IRS Check 800-829-4477 File an Extension 888-796-1074 Pay Tax by Credit Card 800-2PAY-TAXSM or 888-PAY-1040SM Questions About Refund Offsets to IRS Liabilities 800-829-4477 Refund Status 800-829-4477 Find Refund Status Online Problem Resolution 877-777-4778 |
| TAX AMENDMENT To file an amended return, you must fill out Form 1040-X. On the back of the form, you need to explain the specific changes being made on the return and the reason for each change. Filing an Amended Return To file an amended return, fill out Form 1040-X - Amended U.S. Individual Income Tax Return and include copies of any schedules that have been changed or any W-2s you did not include with your original return. To be entitled to a refund, the form generally must be filed within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later. Completing Form 1040-X Form 1040-X is designed with 3 columns. Column A is used to show the figures from the original return. Column C is used to show the correct figures. The difference between the figures in Columns A and C is shown in Column B. On the back of the form, you need to explain the specific changes being made on the return and the reason for each change. If the changes involve another schedule or form, attach it to Form 1040-X. Be sure to enter the year of the return you're amending. There are exceptions to the 3-year rule for certain items such as net operating losses, general business credit carrybacks, bad debts and worthless securities. Review the instructions to Form 1040-X for other exceptions. If you are filing more than 1 amended return, be sure to mail each return in a separate envelope to the service center for the area in which you live. A change in your federal return may affect your state tax liability and require an amended state return. For information on state changes, contact your state's Department of Revenue. |
| You filed on time but didn't pay all of your balance due. You'll generally have to pay a late-payment penalty of 0.5% of the tax owed for each month, or part of a month that the tax remains unpaid after the due date, up to 25% of the tax due. The 0.5% rate increases to 1% if the tax remains unpaid after several notices have been sent to you, and the IRS issues a notice of intent to levy. The penalty will not be imposed if you can show reasonable cause for the failure to pay. You haven't filed or paid your balance due. If you did not file on time, and you owe tax, you may owe a late-filing penalty in addition to the late-payment penalty unless you can show reasonable cause. The combined penalty is 5% (4.5% late filing, 0.5% late payment) for each month, or part of a month, that your return is late. The late-filing penalty is generally imposed for a maximum of 5 months. However, after 5 months, if you still have not paid, the 0.5% late-payment penalty continues to run, up to 25%, until the tax is paid. So, the combined maximum penalty may be as high as 47.5% [(4.5% x 5 months) + 25%]. Note: If your return is more than 60 days late, the minimum late-filing penalty is the smaller of $135 or 100% of the tax required to be shown on the return. You're paying taxes through an installment agreement. If you or your tax professional filed Form 9465 requesting an installment payment plan, and the IRS accepted your installment payment plan, they will charge you an administrative fee plus interest on the unpaid tax. If you filed a timely return and are paying your tax due according to an installment agreement, the late-payment penalty is 0.25% (instead of 0.5%) for each month, or part of a month, that the tax remains unpaid. Regardless of which category you fall into, you'll owe interest on any balance due from the due date of the return until the date of payment. The interest rate is adjusted every 3 months. |
| FILING YOUR TAXES LATE: If you file on time, but don't pay the entire balance you'll be charged a late payment penalty of 0.5%, up to 25%, of the unpaid tax. You may be penalized up to 47.5% of your unpaid tax if you don't file your return on time. If you request an installment payment plan for your taxes, and the IRS accepts it, you'll be charged a fee plus interest on all unpaid taxes. |
| ''How to Maximize Your Tax Deductions Ten Top Tax Tips!'' Do you dread tax time? You don’t have to. Most real estate investors actually look forward to April 15th. Why? Because despite the current condition of our housing and mortgage industries, real estate provides more tax benefits than almost any other investment. And maximizing your tax deductions only makes good business sense. That being said, let’s take a look at 10 of the best tax deductions available to you as an owner of investment property: 1. Mortgage Interest Interest might be your single biggest deductible expense. Common examples of interest that landlords can deduct include mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity. (Any points or closing costs paid on a mortgage loan secured by an income-producing property are also deductible.) 2. Depreciation Depreciation is the loss in value of an asset or building over time due to wear and tear, physical deterioration and age. The IRS allows you to depreciate income-producing properties over their useful life (27.5 years for residential and 39 years for commercial). You’ll be thankful every year at tax time if you use depreciation correctly. 3. Insurance You can deduct the premiums you pay for almost any insurance for your rental activity. This includes fire, theft, and flood insurance for rental property, as well as landlord liability insurance. And if you happen to have employees, you can deduct the cost of their health and workers’ compensation insurance. 4. Homeowner’s Association (HOA) Dues Yep, that’s right. If you own a real estate investment property within a subdivision that charges those annoying quarterly HOA fees, you can write those off your taxes. 5. Repairs The cost of repairs to rental property is fully deductible in the year they are incurred. Good examples of deductible repairs include repainting, new flooring, fixing leaks, plastering, and replacing broken windows. 6. Personal Property This includes such items as furniture, appliances, lawn mowers, snow removal equipment, etc. which are not permanently attached to the land. 7. Home Office Provided they meet certain minimal requirements, you may deduct your home office expenses. This deduction applies not only to space devoted to office work, but also to a workshop or any other home workspace you use for your rental business. 8. Travel Landlords are entitled to a tax deduction whenever they drive anywhere for their rental activity. For example, when you drive to your rental building to deal with a tenant complaint or go to the hardware store to purchase a part for a repair, you can deduct your travel expenses. And believe it or not, you can even deduct your long distance travel! If you travel overnight for your rental activity, you can deduct your airfare, hotel bills, meals, and other expenses. If you plan your trip carefully, you can even mix business with pleasure and still take a deduction! 9. Employees and Independent Contractors Whenever you hire anyone to perform services on your investment property, you can deduct their wages as a rental business expense. This is true whether the worker is an employee (for example, a resident manager of an apartment complex) or an independent contractor (for example, a repair person or maintenance guy). 10. Legal and Professional Services Finally, you can deduct fees that you pay to attorneys, accountants, property management companies, real estate investment advisors, and other professionals. You can deduct these fees as operating expenses as long as the fees are paid for work related to your rental activity. |
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.. What's New for Tax Savings?
Here are the tax law changes you need to know to
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TAXES: THE FUNDAMENTAL OF TAXES. THE MORE
YOU KNOW, THE LESS YOU PAY. Corporation can
provide certain benefits not available to other
entities.
Education Tax Credit, Tax Saving, Tax Reduction,
Tax Benefits. How to Maximize Your Tax Deductions
Ten Top Tax Tips!
How not to pay taxes on Real Estate? 1031
Exchange... CLICK HERE
What to do if you Can’t Pay your Tax Bill? How to
Cut Your Property Taxes
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Pay. CLICK HERE!
Here are the tax law changes you need to know to
get more money from uncle Sam..
TAXES: THE FUNDAMENTAL OF TAXES. THE MORE
YOU KNOW, THE LESS YOU PAY. Corporation can
provide certain benefits not available to other
entities.
Education Tax Credit, Tax Saving, Tax Reduction,
Tax Benefits. How to Maximize Your Tax Deductions
Ten Top Tax Tips!
How not to pay taxes on Real Estate? 1031
Exchange... CLICK HERE
What to do if you Can’t Pay your Tax Bill? How to
Cut Your Property Taxes
TAX CERTIFICATE / TAX DEED: A BETTER WAY TO
INVEST MONEY AND GET RICHER
Tax strategies, Tax advantage, Tax advice for all.
HOW TO REDUCE YOUR TAXES TO GET MAXIMUM
RETURN FROM THE I.R.
.
TAX LIENS: ---Investing in Government Issued Tax
Lien Certificates! Do you ever wonder what would
happen if you don't pay your property taxes? Can
You Safely Earn 18% or more Per Year On Your
Investments?
TAX SAVING TIPS FOR INDIVIDUAL INVESTOR, AND
LANDLORDS; The More You Know, the Less You’ll
Pay. CLICK HERE!
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Homeowners' Insurance: What You Need to Know.
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What is a will and what is living trust? How does a
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Political News, The Market News.
THE BANKING AND THE AMERICAN FINANCIAL
SYSTEM. HISTORY, SUCCESS AND FAILURE!
SMALL BUSINESS, METHODS, TECHNIQUES, AND
STRATEGIES
Business structures 101. LLP, LLC, S-corp and C-
corp: It's not just alphabet soup! A breakdown of what
you need to know, in layman's terms.
FINANCIAL KNOWLEDGE: The Successful Investment
Journey, Ten Tips For The Successful Long-Term
Investor. Ten Steps to Building a Winning Trading
Plan, Five Things To Know About Asset Allocation
SAVING MONEY: THE SECRETS OF SAVING; WAYS
TO SAVE A LOT OF MONEY AND GETTING RICHER. 66
WAYS TO SAVE MONEY
BUILDING WEALTH! How to Become Wealthy? Nine
Truths That Can Set You on the Path to Financial
Freedom.
Becoming Wealthy One Bite at a Time! 7 Rules of
Wealth Building, Practical Keys to Amassing
Investment Capital
UNCLAIMED MONEY, UNCLAIMED PROPERTY, THE
FORGOTTEN TREASURE SEATING IN THE HANDS OF
THE STATES GOVERNMENT
COULD BE YOURS OR TO SOMEONE YOU MAY
KNOW!
Billions of dollars have been lost. Could some of it be
yours? Yes the government may owed you money;
you may not even know about it.
FINANCIAL FREEDOM: A SMARTEST WAY TO
PREPARE A BETTER FUTURE IS TO PLAN TODAY TO
OBTAIN A COMPLETE FINANCIAL FREEDOM.
Ten Resolutions to Make Your Financial Life Easier
WHY YOU AREN’T RICH?
Many people assume they aren't rich because they
don't earn enough money. If I only earned a little more,
I could save and invest better, they say, they don’t
have a good education, they say they have too much
responsibilities; Excuses, Excuses, Excuses. THIS IS
WHY!
INSURANCE: WAYS TO MAKE MONEY & SAVE
MONEY ON YOUR INSURANCE. THE IMPORTANCE OF
INSURANCE IN SOMEONE'S LIFE!
Homeowners' Insurance: What You Need to Know.
Auto Insurance, Life Insurance
Will & Living trust
What is a will and what is living trust? How does a
living trust avoid probate?
Auto Loans: Great Car, Great Price…. But what about
the Financing? Explore your financing options!---
Auto dealers have a long history of using
questionable sales tactics to bilk consumers in the
market for a new car. Many people keep their eye on
the sale price and neglect scams involving vehicle
financing, which can add thousands of dollars to the
price of a car.
Money Management: 10 Ways to Avoid Overdraft and
Bounced Check Fees! Three Ways to Put Your Budget
On on Auto Pilot! The Low Tech Way to Budget Your
Money
FREE CREDIT REPORT CAN HELP YOU FIND OUT
WHAT'S GOOD OR WHAT'S BAD AND ALSO DETECT ID
THEFT!
CREDIT INFO: SAVE YOUR CREDIT, RESCUE IT,
PROTECT IT, INCREASE YOUR SCORE. WE HAVE
VALUABLE INFORMATION TO HELP YOU.
IDENTITY THEFT: HOW TO PROTECT AND DEFEND
YOURSELF AGAINST IDENTITY THEFT? -----DETER,
DETECT AND DEFEND?
DEFEND YOURSELF AGAINST IDENTITY THEFT;
LEARN THE IMPORTANT METHODS AND TECHNIQUES
TO RECOVER FROM ID THEFT!
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TAX SAVING TIPS FOR INDIVIDUAL INVESTOR,
AND LANDLORDS; The More You Know, the
Less You’ll Pay. CLICK HERE!
How not to pay taxes on Real Estate? 1031
Exchange... CLICK HERE
What to do if you Can’t Pay your Tax Bill? How
to Cut Your Property Taxes
Tax strategies, Tax advantage, Tax advice for
all. HOW TO REDUCE YOUR TAXES TO GET
MAXIMUM RETURN FROM THE I.R.S.?
What's New for Tax Savings?
Here are the 2007, 2008 tax law changes you
need to know to get more money from uncle
Sam..
AND LANDLORDS; The More You Know, the
Less You’ll Pay. CLICK HERE!
How not to pay taxes on Real Estate? 1031
Exchange... CLICK HERE
What to do if you Can’t Pay your Tax Bill? How
to Cut Your Property Taxes
Tax strategies, Tax advantage, Tax advice for
all. HOW TO REDUCE YOUR TAXES TO GET
MAXIMUM RETURN FROM THE I.R.S.?
What's New for Tax Savings?
Here are the 2007, 2008 tax law changes you
need to know to get more money from uncle
Sam..
TAXES: THE FUNDAMENTAL OF TAXES.
THE MORE YOU KNOW, THE LESS YOU
PAY. Corporation can provide certain
benefits not available to other entities.
KNOWLEDGEFINANCIALGROUP.
BLOGSPOT.COM
THE MORE YOU KNOW, THE LESS YOU
PAY. Corporation can provide certain
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Gather your documents
•W-2s for each job held in 2013 for each person in the household, this
form reports your name, wages, and other tax information to the IRS
•
•1099s showing other income (unemployment, social security, school
loans, health care reimbursement, state tax refund, gambling winnings,
contract work) that is reported to the IRS
•
•1098s showing payments you’ve made (school loans,property tax).
•
•Income/interest statements received for
any savings account/investments
•
•Bank account numbers: a voided check or your bank or credit union’s
routing number and savings or checking account number for your refund
to be deposited automatically into your account through direct deposit
•Last year’s tax return (if you have it)
------- // KNOWLEDGEFINANCIAL.COM AND FINANCIALACADEMYSCHOOL.
COM
•W-2s for each job held in 2013 for each person in the household, this
form reports your name, wages, and other tax information to the IRS
•
•1099s showing other income (unemployment, social security, school
loans, health care reimbursement, state tax refund, gambling winnings,
contract work) that is reported to the IRS
•
•1098s showing payments you’ve made (school loans,property tax).
•
•Income/interest statements received for
any savings account/investments
•
•Bank account numbers: a voided check or your bank or credit union’s
routing number and savings or checking account number for your refund
to be deposited automatically into your account through direct deposit
•Last year’s tax return (if you have it)
------- // KNOWLEDGEFINANCIAL.COM AND FINANCIALACADEMYSCHOOL.
COM
-- Gather additional items to get a larger
refund
•Childcare expenses: name, address, Tax ID or Social Security Number
of the child care provider
•Business expenses and assets: if you’re self-employed or have a small
business
•
•College: loans and/or scholarships received, and bills for
technical/community college or university (Forms 1098-T/1098-E)
•
•Educator expenses for teaching grades K-12 (school supplies and
materials used in the classroom)
•
•Charitable donations: list of contributions and amounts, receipts for
contributions over $250
•
•Vehicles: vehicle sales tax, personal property tax statement for each
car you own, total miles driven for the year and/or total miles driven for
business
•
•Renters: amount of rent paid (in some
states)
•
•Homeowners: mortgage interest statement (Form 1098), real estate
taxes paid, Statement of Property Tax Payable in 2013
•Retirement/IRA: amount contributed to an IRA and total value as of
December 2013
•ITIN: if you need to apply for an ITIN for yourself or a family member, find
out what
•: Keep copies of your forms and tax
statements
For your protection, keep any forms used to prepare your taxes and a
copy of your return for seven years. This information will make it easier
to file your taxes next year.
------ // KNOWLEDGEFINANCIAL.COM AND FINANCIALACADEMYSCHOOL.
COM
Your son, or daughter despite being unemployed, doesn’t automatically
qualify as a dependent. Although there are some exceptions, your child
must meet the following conditions order to be considered a dependent:
•Must be your son, daughter, stepchild, foster child, brother, sister, half-
brother, half-sister, stepbrother, stepsister, or a descendant of any of
them.
•
•Must be (a) under age 19 at the end of the year and younger than you (or
your spouse, if filing jointly), (b) under age 24 at the end of the year, a full-
time student, and younger than you (or your spouse, if filing jointly), or (c)
any age if permanently and totally disabled.
•
•Must have lived with you for more than half of the year.
•Must not have provided more than half of his or her own support for the
year.
•
•Must not be filing a joint return for the year.
•If another person can claim your child as a dependent, you must be the
person entitled to claim the child as a qualifying child
// KNOWLEDGEFINANCIAL.COM AND FINANCIALACADEMYSCHOOL.COM
refund
•Childcare expenses: name, address, Tax ID or Social Security Number
of the child care provider
•Business expenses and assets: if you’re self-employed or have a small
business
•
•College: loans and/or scholarships received, and bills for
technical/community college or university (Forms 1098-T/1098-E)
•
•Educator expenses for teaching grades K-12 (school supplies and
materials used in the classroom)
•
•Charitable donations: list of contributions and amounts, receipts for
contributions over $250
•
•Vehicles: vehicle sales tax, personal property tax statement for each
car you own, total miles driven for the year and/or total miles driven for
business
•
•Renters: amount of rent paid (in some
states)
•
•Homeowners: mortgage interest statement (Form 1098), real estate
taxes paid, Statement of Property Tax Payable in 2013
•Retirement/IRA: amount contributed to an IRA and total value as of
December 2013
•ITIN: if you need to apply for an ITIN for yourself or a family member, find
out what
•: Keep copies of your forms and tax
statements
For your protection, keep any forms used to prepare your taxes and a
copy of your return for seven years. This information will make it easier
to file your taxes next year.
------ // KNOWLEDGEFINANCIAL.COM AND FINANCIALACADEMYSCHOOL.
COM
Your son, or daughter despite being unemployed, doesn’t automatically
qualify as a dependent. Although there are some exceptions, your child
must meet the following conditions order to be considered a dependent:
•Must be your son, daughter, stepchild, foster child, brother, sister, half-
brother, half-sister, stepbrother, stepsister, or a descendant of any of
them.
•
•Must be (a) under age 19 at the end of the year and younger than you (or
your spouse, if filing jointly), (b) under age 24 at the end of the year, a full-
time student, and younger than you (or your spouse, if filing jointly), or (c)
any age if permanently and totally disabled.
•
•Must have lived with you for more than half of the year.
•Must not have provided more than half of his or her own support for the
year.
•
•Must not be filing a joint return for the year.
•If another person can claim your child as a dependent, you must be the
person entitled to claim the child as a qualifying child
// KNOWLEDGEFINANCIAL.COM AND FINANCIALACADEMYSCHOOL.COM
Keep copies of your forms and tax
statements
For your protection, keep any forms used to prepare your taxes and a
copy of your return for seven years. This information will make it easier
to file your taxes next year.
------------Individuals - Tax Credits -----// KNOWLEDGEFINANCIAL.COM AND
FINANCIALACADEMYSCHOOL.COM
Your son, or daughter despite being unemployed, doesn’t automatically
qualify as a dependent. Although there are some exceptions, your child
must meet the following conditions order to be considered a dependent:
•Must be your son, daughter, stepchild, foster child, brother, sister, half-
brother, half-sister, stepbrother, stepsister, or a descendant of any of
them.
•
•Must be (a) under age 19 at the end of the year and younger than you (or
your spouse, if filing jointly), (b) under age 24 at the end of the year, a full-
time student, and younger than you (or your spouse, if filing jointly), or (c)
any age if permanently and totally disabled.
•
•Must have lived with you for more than half of the year.
•Must not have provided more than half of his or her own support for the
year.
•
•Must not be filing a joint return for the year.
•If another person can claim your child as a dependent, you must be the
person entitled to claim the child as a qualifying child.
-----------------Individuals - Tax Credits -----// KNOWLEDGEFINANCIAL.COM A
ITIN for Immigrants // Individual Tax
Identification Number (ITIN) to file your
taxes and claim important tax credits.
-----------
''Online Services and Tax Information for
Individuals..
Identification Number (ITIN) to file your
taxes and claim important tax credits.
-----------
''Online Services and Tax Information for
Individuals..
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IRS Announces 2017 Tax Rates, Standard Deductions,
Exemption Amounts And More..
The Internal Revenue Service (IRS) has announced the
annual inflation adjustments for a number of provisions for
the year 2017, including tax rate schedules, tax tables, and
cost-of-living adjustments for certain tax items.
These are the applicable numbers for the tax year 2017 - in
other words, effective January 1, 2017. They are NOT the
numbers and tax rates that you’ll use to prepare your 2016
tax returns in 2017 (you'll find them here). Rather, these
numbers and tax rates are those you’ll use to prepare your
2017 tax returns in 2018.
If you aren't expecting any significant changes, you can use
the updated tax tables to estimate your liability for the 2017
tax year. If, however, you are expecting to make more money,
get married, buy a house, have a baby or other life change,
you'll want to consider adjusting your withholding or
tweaking your estimated tax payments.
Exemption Amounts And More..
The Internal Revenue Service (IRS) has announced the
annual inflation adjustments for a number of provisions for
the year 2017, including tax rate schedules, tax tables, and
cost-of-living adjustments for certain tax items.
These are the applicable numbers for the tax year 2017 - in
other words, effective January 1, 2017. They are NOT the
numbers and tax rates that you’ll use to prepare your 2016
tax returns in 2017 (you'll find them here). Rather, these
numbers and tax rates are those you’ll use to prepare your
2017 tax returns in 2018.
If you aren't expecting any significant changes, you can use
the updated tax tables to estimate your liability for the 2017
tax year. If, however, you are expecting to make more money,
get married, buy a house, have a baby or other life change,
you'll want to consider adjusting your withholding or
tweaking your estimated tax payments.
The Internal Revenue
Service's battle against fraud
and identity theft is
intensifying as the tax filing
season opens, and some of
the neediest taxpayers are
getting caught in the middle.
The agency is barred from issuing refunds before Feb. 15 on
any returns claiming the Earned Income Tax Credit or the
Additional Child Tax Credit. Congress mandated the delay to
give the IRS more time to review returns to try to catch
fraudulent ones before refunds are paid out.
In reality, taxpayers taking these credits will probably have to
wait even longer to get their refunds — until the week of Feb.
27, the IRS says, because of weekends and the President's
Day holiday.
Dave DuVal, vice president of customer advocacy at TaxAudit.
com, says the impact on these taxpayers could be
tremendous. "They live paycheck to paycheck, and this is
money they're counting on," he said.
Still, the attempt to reduce fraud "is a positive thing overall,"
said Greg Rosica, tax partner at Ernst & Young.
The IRS will begin accepting returns on Jan. 23, and tax
experts recommend that Americans continue to file their
returns early, even with the refund delays.
"For this tax season, it's more important than ever for
taxpayers to plan ahead," IRS Commissioner John Koskinen
said in a statement.
This year's filing deadline is Tuesday, April 18, since the
traditional April 15 date falls on a Saturday, and D.C.
Emancipation Day is observed on April 17.
Of course, taxpayers who need longer can request an
extension. "Getting a filing extension avoids the late filing
penalty, but it doesn't avoid the late payment penalty," said
Barbara Weltman, a consultant and author of books on taxes,
law and finance.
So the advice from tax experts: To avoid the late payment
penalty, estimate the amount due and pay it before the April
18 filing deadline. But even with that, you won't be able to
avoid interest on payments made after the deadline.
Last year, the IRS processed more than 152 million returns.
Electronic filing was up 2.4 percent, continuing a long-term
trend. The average refund was $2,860, up 2.3 percent or $63
from the previous year, the agency said.
The IRS continues to see an increase in taxpayers requesting
direct deposit for their refunds. That's the fastest way to get
a refund, the agency advises.
Service's battle against fraud
and identity theft is
intensifying as the tax filing
season opens, and some of
the neediest taxpayers are
getting caught in the middle.
The agency is barred from issuing refunds before Feb. 15 on
any returns claiming the Earned Income Tax Credit or the
Additional Child Tax Credit. Congress mandated the delay to
give the IRS more time to review returns to try to catch
fraudulent ones before refunds are paid out.
In reality, taxpayers taking these credits will probably have to
wait even longer to get their refunds — until the week of Feb.
27, the IRS says, because of weekends and the President's
Day holiday.
Dave DuVal, vice president of customer advocacy at TaxAudit.
com, says the impact on these taxpayers could be
tremendous. "They live paycheck to paycheck, and this is
money they're counting on," he said.
Still, the attempt to reduce fraud "is a positive thing overall,"
said Greg Rosica, tax partner at Ernst & Young.
The IRS will begin accepting returns on Jan. 23, and tax
experts recommend that Americans continue to file their
returns early, even with the refund delays.
"For this tax season, it's more important than ever for
taxpayers to plan ahead," IRS Commissioner John Koskinen
said in a statement.
This year's filing deadline is Tuesday, April 18, since the
traditional April 15 date falls on a Saturday, and D.C.
Emancipation Day is observed on April 17.
Of course, taxpayers who need longer can request an
extension. "Getting a filing extension avoids the late filing
penalty, but it doesn't avoid the late payment penalty," said
Barbara Weltman, a consultant and author of books on taxes,
law and finance.
So the advice from tax experts: To avoid the late payment
penalty, estimate the amount due and pay it before the April
18 filing deadline. But even with that, you won't be able to
avoid interest on payments made after the deadline.
Last year, the IRS processed more than 152 million returns.
Electronic filing was up 2.4 percent, continuing a long-term
trend. The average refund was $2,860, up 2.3 percent or $63
from the previous year, the agency said.
The IRS continues to see an increase in taxpayers requesting
direct deposit for their refunds. That's the fastest way to get
a refund, the agency advises.
WHAT'S NEW THIS
YEAR
"Because so many provisions have been made permanent
and we have such modest inflation, there are not dramatic
new things," Weltman said.
The personal exemption has been increased to $4,050. But
that amount is phased out for taxpayers at higher income
levels. Similarly, those with higher adjusted gross income
might not be able to get the full value of their deductions.
The alternative minimum tax is still around, but the exemption
has increased to $53,900 for single taxpayers, $83,000 for
those married filing jointly and $41,900 for married filing
separately.
People who have been issued an individual taxpayer
identification number, or ITIN, instead of a Social Security
number may have to renew it before filing their tax returns.
The IRS says current ITINs will no longer be valid if they
weren't used at least once in the last three years or if the
number was issued before 2013.
YEAR
"Because so many provisions have been made permanent
and we have such modest inflation, there are not dramatic
new things," Weltman said.
The personal exemption has been increased to $4,050. But
that amount is phased out for taxpayers at higher income
levels. Similarly, those with higher adjusted gross income
might not be able to get the full value of their deductions.
The alternative minimum tax is still around, but the exemption
has increased to $53,900 for single taxpayers, $83,000 for
those married filing jointly and $41,900 for married filing
separately.
People who have been issued an individual taxpayer
identification number, or ITIN, instead of a Social Security
number may have to renew it before filing their tax returns.
The IRS says current ITINs will no longer be valid if they
weren't used at least once in the last three years or if the
number was issued before 2013.
PROTECTING AGAINST
IDENTITY THEFT AND
FRAUD
Make sure you have last
year's tax return handy
when you prepare to file
your taxes this year.
"Taxpayers who are changing tax software products this filing
season will need their adjusted gross income from their 2015
tax return in order to file electronically," the IRS said. "The
electronic filing PIN is no longer an option."
That, too, is part of the agency's attempt to battle tax fraud and
identity theft.
"The IRS has gotten much, much better in identifying ID theft
before the money goes out the door," Olson said.
Another step is pushing up the deadline for employers to
submit wage data to the IRS, enabling the agency to build a
database sooner to crosscheck returns with those W-2 forms.
Previously, wage forms had to be sent to taxpayers by Jan. 31
and to the Social Security Administration a month or two later,
depending on whether they were being filed by paper or
electronically. "That meant the filing season was over by the
time the IRS got the most fundamental data," Olson said.
Now, the deadline is the same, Jan. 31, for the employer to get
the form to both the employee and the government.
The IRS says that working with states and the tax industry, ID
thefts were cut in half last year.
IDENTITY THEFT AND
FRAUD
Make sure you have last
year's tax return handy
when you prepare to file
your taxes this year.
"Taxpayers who are changing tax software products this filing
season will need their adjusted gross income from their 2015
tax return in order to file electronically," the IRS said. "The
electronic filing PIN is no longer an option."
That, too, is part of the agency's attempt to battle tax fraud and
identity theft.
"The IRS has gotten much, much better in identifying ID theft
before the money goes out the door," Olson said.
Another step is pushing up the deadline for employers to
submit wage data to the IRS, enabling the agency to build a
database sooner to crosscheck returns with those W-2 forms.
Previously, wage forms had to be sent to taxpayers by Jan. 31
and to the Social Security Administration a month or two later,
depending on whether they were being filed by paper or
electronically. "That meant the filing season was over by the
time the IRS got the most fundamental data," Olson said.
Now, the deadline is the same, Jan. 31, for the employer to get
the form to both the employee and the government.
The IRS says that working with states and the tax industry, ID
thefts were cut in half last year.
4 Ways to Get Your Tax
Refund Faster By The
Team OF: Knowledge
Financial Group And
Certainly By Femkonsa
Capital Investment...
Your tax refund can help. Last
year, almost three out of four
filers got a tax refund, with an
average refund of about $2,800,
according to experts in the field ..
Due to a new law aimed at uncovering
fraud, the IRS must delay refunds
claiming the Earned Income Tax Credit
and the Additional Child Tax Credit until
February 15.
But everyone else can get their refunds
faster by following these four simple tips.
fraud, the IRS must delay refunds
claiming the Earned Income Tax Credit
and the Additional Child Tax Credit until
February 15.
But everyone else can get their refunds
faster by following these four simple tips.
| 1. File early. The early bird gets the tax refund. Get your tax return in early, when the IRS is processing fewer returns, and you will probably get your refund faster. The agency began accepting electronic returns this week. -------------- 2. Look for errors. Double- check everything, including the easy stuff such as your name, Social Security number and bank routing number. Mistakes on tax returns can lengthen the processing time and delay your refund by weeks or months. ----------------- 3. File electronically. Processing of paper returns can take weeks longer than e-filed returns, holding up your refund. IRS e-file or other tax preparation software also catches any mathematical errors that could also end up delaying your refund. Last year, almost nine out of 10 taxpayers filed their taxes electronically. Those with adjusted incomes of less than $64,000 can file free. --------------- 4. Choose direct deposit. The fastest way to get your refund is to have it deposited directly into a financial account, according to the IRS. The agency even allows the refunds to be deposited in multiple accounts. All that’s needed is the account number and routing number, usually found at the bottom of a check from the account. Finally, once you’ve filed, you can track your refund using the Where’s My Refund? tool from the IRS. = Where's My Refund? - It's Quick, Easy and Secure. = For more information, visit: facebook.com/ knowledge financialgroup and also - facebook.com/ femkonsa |
Four {4} Ways to Get a
Faster Tax Refund This
Year..
Make Sure All
Information is Correct..
Yes, this is another seemingly basic
step, but it too can be cause for
countless delayed refunds.
Take the time to review such things as
your name, Social Security number, and
bank routing number carefully.
If you got married or divorced in the last
year, double check that your name is
updated, particularly if you’re e-filing.
----------------
File Electronically
There are numerous ways available to
file electronically these days. Those
whose adjusted gross income is $62,000
or less annually may want to use the Free
File software options provided by the IRS.
There are many well known companies
and software options available through
at knowledge financial group -
knowledgefinancial.com =
Faster Tax Refund This
Year..
Make Sure All
Information is Correct..
Yes, this is another seemingly basic
step, but it too can be cause for
countless delayed refunds.
Take the time to review such things as
your name, Social Security number, and
bank routing number carefully.
If you got married or divorced in the last
year, double check that your name is
updated, particularly if you’re e-filing.
----------------
File Electronically
There are numerous ways available to
file electronically these days. Those
whose adjusted gross income is $62,000
or less annually may want to use the Free
File software options provided by the IRS.
There are many well known companies
and software options available through
at knowledge financial group -
knowledgefinancial.com =
The fastest way to get
your tax refund -
Opt for Direct Deposit of
Your Refund..
This option may not be for everyone,
particularly those who don’t have a bank
account, but it’s one of the best ways to
speed things up and get a fast tax
refund.
“There’s a lot of reasons why this is
beneficial,” says Dayana from Femkonsa
Capital Investment.
“It gets the money into your account
faster and you don’t have to worry about
the post office losing the check.
----------------
File Early
This may seem like a no-brainer, but the
professionals says, ''Anthony of
Buyheremarket
Enterprise - =
buyheremarket.blogspot.
com
many people still don’t realize the impact
early filing can have.
“The reason behind this is that there are
less returns being processed, so the
earlier you get the return in, the quicker
you get it back,”
your tax refund -
Opt for Direct Deposit of
Your Refund..
This option may not be for everyone,
particularly those who don’t have a bank
account, but it’s one of the best ways to
speed things up and get a fast tax
refund.
“There’s a lot of reasons why this is
beneficial,” says Dayana from Femkonsa
Capital Investment.
“It gets the money into your account
faster and you don’t have to worry about
the post office losing the check.
----------------
File Early
This may seem like a no-brainer, but the
professionals says, ''Anthony of
Buyheremarket
Enterprise - =
buyheremarket.blogspot.
com
many people still don’t realize the impact
early filing can have.
“The reason behind this is that there are
less returns being processed, so the
earlier you get the return in, the quicker
you get it back,”
''Ways To Increase Your Tax Refund
You Never Thought About''
When you start a job, your employer asks you to complete
form W-4. This tells your employer how much federal
income tax to withhold from your paycheck.
The more allowances you claim on the form, the less
income tax will be held back. This will give you bigger
paychecks, but a smaller tax refund (or potentially no tax
refund or a tax bill at the end of the year). Factors to
consider when choosing the number of allowances you
claim include:
Claiming allowances for yourself, your spouse and your
qualifying children and dependents
Taking an allowance for filing head of household
Claiming more than $1,500 for child and dependent care
expenses
Working more than one job
Having a spouse who works
Claiming fewer allowances on your W-4 will mean smaller
paychecks, since more tax will be withheld. This increases
your chances of over-withholding, which leads to a bigger
tax refund. That’s why it’s called a “refund:” you are just
getting money back that you overpaid to the IRS during the
year.
You Never Thought About''
When you start a job, your employer asks you to complete
form W-4. This tells your employer how much federal
income tax to withhold from your paycheck.
The more allowances you claim on the form, the less
income tax will be held back. This will give you bigger
paychecks, but a smaller tax refund (or potentially no tax
refund or a tax bill at the end of the year). Factors to
consider when choosing the number of allowances you
claim include:
Claiming allowances for yourself, your spouse and your
qualifying children and dependents
Taking an allowance for filing head of household
Claiming more than $1,500 for child and dependent care
expenses
Working more than one job
Having a spouse who works
Claiming fewer allowances on your W-4 will mean smaller
paychecks, since more tax will be withheld. This increases
your chances of over-withholding, which leads to a bigger
tax refund. That’s why it’s called a “refund:” you are just
getting money back that you overpaid to the IRS during the
year.
Revisit your filing status
Choosing the filing status that best suits your needs can
influence the possibility of a refund. Your filing status
determines:
Your standard deduction
Your filing requirements
The credits you are eligible to receive
The amount of tax you pay or the refund you receive
There are five statuses to choose from, but the three most
common are: married filing jointly, married filing separately,
single, and head of household.
Many tax softwares can help you determine which choice
most benefits your situation.
Claim the earned income tax credit
Working families, individuals, people who are self-employed
and others who have a moderate to low income may qualify
for the earned income tax credit.
The EITC decreases the amount of taxes owed and may
qualify you for a tax refund. To qualify, you must:
Have a valid Social Security number
Be a U.S. citizen, a year-long resident alien or a non-resident
alien married to an American citizen or resident alien filing
jointly
Have income from self-employment, from an employer or
from working on a farm
Not be a claimed dependent or child of another person
Have a qualifying child and be between the ages of 25 and
65, living in the U.S. for at least half the year
To receive the EITC you must file a tax return, even if you
owe no taxes.
Include the dependent care credit
The child and dependent care credit is based on a
percentage of the amount you paid for the care of a
qualifying child or dependent.
The total expenses you can claim are capped at $3,000 for
one eligible individual and $6,000 for two or more. If your
employer offers dependent care benefits, you are required
to deduct this amount. A qualifying individual is:
Your child who is under 13 years of age
A dependent who is physically or mentally incapable of self-
care and who lives with you for more than half the year, or
Your spouse who is incapable of self-care and lives with you
for more than half the year
To claim the credit, other criteria must be met.
If you’re married, you are required to file a joint return.
You can’t use a caregiver who is a spouse or parent of the
child, your child under 19 years of age or another of your
dependents.
Each qualifying dependent and child must have a Social
Security number added to your return.
You must provide the name, address and Social Security
number of your caregiver.
Choosing the filing status that best suits your needs can
influence the possibility of a refund. Your filing status
determines:
Your standard deduction
Your filing requirements
The credits you are eligible to receive
The amount of tax you pay or the refund you receive
There are five statuses to choose from, but the three most
common are: married filing jointly, married filing separately,
single, and head of household.
Many tax softwares can help you determine which choice
most benefits your situation.
Claim the earned income tax credit
Working families, individuals, people who are self-employed
and others who have a moderate to low income may qualify
for the earned income tax credit.
The EITC decreases the amount of taxes owed and may
qualify you for a tax refund. To qualify, you must:
Have a valid Social Security number
Be a U.S. citizen, a year-long resident alien or a non-resident
alien married to an American citizen or resident alien filing
jointly
Have income from self-employment, from an employer or
from working on a farm
Not be a claimed dependent or child of another person
Have a qualifying child and be between the ages of 25 and
65, living in the U.S. for at least half the year
To receive the EITC you must file a tax return, even if you
owe no taxes.
Include the dependent care credit
The child and dependent care credit is based on a
percentage of the amount you paid for the care of a
qualifying child or dependent.
The total expenses you can claim are capped at $3,000 for
one eligible individual and $6,000 for two or more. If your
employer offers dependent care benefits, you are required
to deduct this amount. A qualifying individual is:
Your child who is under 13 years of age
A dependent who is physically or mentally incapable of self-
care and who lives with you for more than half the year, or
Your spouse who is incapable of self-care and lives with you
for more than half the year
To claim the credit, other criteria must be met.
If you’re married, you are required to file a joint return.
You can’t use a caregiver who is a spouse or parent of the
child, your child under 19 years of age or another of your
dependents.
Each qualifying dependent and child must have a Social
Security number added to your return.
You must provide the name, address and Social Security
number of your caregiver.
IF YOU NEED HELP TO SELL YOUR REAL ESTATE
PROPERTY IN SOUTH FLORIDA; PLEASE CONTACT.
ANTONY A PROFESSIONAL REALTOR. -- F.I.R. . ---
CLIENTS COMPLETE SATISFACTION GUARANTEED !
HOME-SELLING -- COMMERCIAL REAL ESTATE - {FSBO}
FOR SALE BY OWNER -
-' -REAL ESTATE SERVICES-- HOME-BUYING -- REAL
ESTATE INFO.---- MORTGAGE LOANS INFO. -- ''
'INVESTMENT & FINANCE: METHODS, TECHNIQUES,
AND STRATEGIES. WHERE, WHEN, HOW TO INVEST?
--TIPS FOR HOME BUYERS -- Top 10 Home Buying
Mistakes To Avoid--
PROPERTY IN SOUTH FLORIDA; PLEASE CONTACT.
ANTONY A PROFESSIONAL REALTOR. -- F.I.R. . ---
CLIENTS COMPLETE SATISFACTION GUARANTEED !
HOME-SELLING -- COMMERCIAL REAL ESTATE - {FSBO}
FOR SALE BY OWNER -
-' -REAL ESTATE SERVICES-- HOME-BUYING -- REAL
ESTATE INFO.---- MORTGAGE LOANS INFO. -- ''
'INVESTMENT & FINANCE: METHODS, TECHNIQUES,
AND STRATEGIES. WHERE, WHEN, HOW TO INVEST?
--TIPS FOR HOME BUYERS -- Top 10 Home Buying
Mistakes To Avoid--
TAX BRACKET - TAX BRACKET - TAX BRACKET
| SOUTH FLORIDA, FOR ANY QUESTIONS REGARDING: LIFE INSURANCE POLICY, REAL ESTATE BUYING AND SELLING; CONTACT ANTHONY JEANTY, YOUR NEIGHBORHOOD AGENT AT: 786-631-7740 = DISREGARD ALL OTHER # NUMBERS IN THIS SITE. YOUR ONLY NUMBER IS: 786-631-7740 == |
| '' Life Insurance Establishes Peace Of Mind'' '' Life Insurance Protects Family'' '' Life Insurance Create Legacy'' '' Life Insurance Protects Dignity'' '' Anthony Jeanty, South FL. Insurance Representative 786-631-7740 = We Can Help! |
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| '' Tax Consultant, Tax Preparation'' '' FASTER, BETTER, STRESS FREE REFUND'' '' Accurate, And Efficient Tax Return'' '' You can count on us for professional, timely, and reliable service '' SOUTH FL. - CONTACT US @ 786-631-7740 - |
