More about Premium Tax Credit

If you moved or get married recently, it is a good idea to add a health insurance review to your to-do
list. This is particularly important if you receive an advance payment of the premium tax credit through a Health Insurance Marketplace.

IRA contribution and deduction rules for 2014

Using individual retirement arrangements (IRA) is a very good way to save for your retirement. However, there are limits on how much you can contribute each year. There are also other factors that will affect the amount you can deduct on your traditional IRA contributions.  Roth IRA contributions, however, are not deductible.

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.