Back to School College Tax Credit

 College Tax Credit

With another school year now already in full swing,
it is a good time for both parents and students to see if they will qualify for one of the two college tax credits when they file their 2014 federal income tax returns next year.
The two college tax credits are American Opportunity Credit (AOC) and Lifetime Learning Credit.

What is Taxable and Nontaxable Income?

Taxable or Nontaxable?

Generally speaking, all of your income is taxable unless it is specifically exempted by law. All the taxable income must be reported on your tax return and is subject to tax.  Income that is nontaxable may also have to be shown on your tax return but is not taxable.  In brief, income can include the following.

Moving This Summer?

Summer usually is a popular time for people to move. 

We are moving!

It is especially true for families with school children.   If you are planning to move because of starting a new job or even the same job at a new job location, there are 10 tax tips on expenses that you may be able to deduct on your tax return.

Standard Deduction or Itemized Deduction?

 Standard or itemize deduction?

The standard deduction is a set dollar amount that can reduce your taxable income. It is adjusted each year for inflation and varies according to your filing status. You cannot take the standard deduction if you itemize deductions.

What Is The Saver’s Credit?

 Save for your retirement

The Saver’s Credit also known as the retirement savings contributions credit, this is the tax credit which helps both low and moderate income workers to save for their retirement.

Like other tax credits, the Saver’s Credit can either increase a taxpayer’s refund or reduce the balance due.

What Is The Premium Tax Credit?

 Premium Tax Credit

The Premium Tax Credit is a refundable tax credit that helps eligible taxpayers with moderate incomes to be able to afford health insurance purchased through the Health Insurance Marketplace. To be eligible for the credit, you need to satisfy five rules. 

1. You need to get your health insurance coverage through the Health Insurance Marketplace.

What Is Child and Dependent Care Credit?

Child Care Credit

If you pay for childcare or day camps in the summer while you work, your expenses may qualify for a Child and Dependent Care Credit that can lower your taxes. Here are 10 facts that you should know about this credit: