Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Taxpayer asks: Hi taxgirl, do I have to file taxes if I’ve made less than $2,800.00? I’m a student and I claimed 1 dependent for myself on my taxes so money was withheld last year. If I don’t have to file it’s ok by me, I just don’t want to get into any trouble. Thanks….
I got a glimpse of the 2011 budget proposal on the news last night. It’s big. As in big thick book big. And I will admit to not having read all 192 pages yet. But I’m making progress. You can download the whole thing at once – or in little bits (as I have done)…
I’ve received a bunch of comments and emails from taxpayers telling me what they think of Obama’s budget. I’ll be sharing some of them throughout the next few weeks, so keep them coming. If you’d like to blog on a specific topic, make sure that you check out my call for policy posts. Today, guest…
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…
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 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…