Taxpayer asks: My daughter only made $3,900.00 this year, then was laid off… She only worked for one employer.. so is she illegible for the Work Pay Credit… it comes to about $252.00 which would help her out considerably, because she is only getting back $116.57. She is in her thirties with no dependents. Taxgirl…
I’m working on a post regarding Obama’s proposed budget, tax credits and the State of the Union. I’d love some additional input so I was thinking of doing a series of point/counterpoint posts on the following specific issues: Extending the Bush tax cuts Tax credit for small businesses Expansion of child tax credit Bank fee/tax…
So now that you’ve calculated the Making Work Pay Credit, what does it all mean? A credit is a dollar for dollar reduction in your tax bill. So if you owed $1000 and the credit was $400, your tax bill is now $600. The tax rates didn’t change. The tax due didn’t change. The credit…
I’ve received a bunch of questions about the Making Work Pay Credit. I agree – it is confusing. Let me see if I can make some sense of it for you. To keep things simple, I’m doing this in two posts. This first post will assist you in calculating the credit and completing Schedule M….
I’ve received a bunch of questions this tax season asking where to go for free help. And I’ve got some answers for you. But, first things first: sometimes, you get what you pay for. If your return is a bit complicated – or if your situation is out of the ordinary – take a moment…
Update: We have a winner! It’s Marc! For the answer, see the comments! It’s our last tax trivia question for the giveaway! Thanks to CCH Complete Tax for the free software! For the chance to win the last prize, answer the following question: Everybody knows that the feds finally got Al Capone for tax evasion….
An effort is underway to bring tax legislative research into the 21st century. The Joint Tax Committee, a non-partisan research arm of the Senate Finance Committee and House Ways and Means Committee, is working on a project to digitize tax legislative documents creating a searchable digital archive. This would include not only JCT publications –…
Update: We have a winner! It’s Paula! For the answer, see the comments! Our next tax trivia question for the giveaway is: If your spouse dies during the year, you have a few filing options. One of your options is to file as married filing jointly during the year, just as always. However, the rules…
Soooo, I had a little fun with Walmart last year when I found out that they would allow free tax prep services in Walmart parking lots across America. In my defense, I’m from the South: the snark couldn’t be helped. Nonetheless, the folks at One Economy reached out to me this year to see if…
Update: We have a winner! It’s Chrisa! For the answer, see the comments! Our next tax trivia question for the giveaway is: The Tax Code was amended for years beginning after December 31, 2003, to allow a charitable contribution deduction for expenses incurred in the hunting of what animal? The first correct answer wins free…