Did you know you are able to deduct the interest charges which you pay on your home loan once the loan meets IRS mortgage specifications?
When paying back a home loan, the installments are almost totally made of interest instead of principal in the initial couple of years.
Even afterwards, … Read the rest
The IRS Form 1040 is just one of the authorized documents that U.S. taxpayers are able to use to submit their yearly income tax return.
The form is separated into parts that allow you to record your earnings and deductions to figure out the total taxes you have to pay … Read the rest
The import feature found in TurboTax securely retrieves W-2, 1099, and 1098 data from hundreds of participating employers and financial institutions, saving time and data entry errors.
Depending on the availability of these documents from your financial institution and employer, this feature will make your w-2 accessible in TurboTax on … Read the rest
If you sold your primary home and profited you may be able to exclude that profit from your taxable income. In this article, we are going to explain exactly how this works.
$250,000 Exclusion on the Sale of a Main Home
Individuals can exclude up to $250,000 profits from selling … Read the rest
Most taxpayers know that they can deduct their dependent children when they file their taxes. However, what they may not know is the rules that come along with claiming dependents on taxes – especially regarding other relatives.
There are guidelines as to when dependents can claim themselves and so much … Read the rest
When tax time rolls around, married couples can choose two different ways of filing their taxes: joint tax returns or married filing separately returns. It is important to recognize and consider all the pros and cons of each type when deciding how to file.
Married couples can decide to file … Read the rest
Head of Household federal tax filing status is reserved for unmarried people who care for dependents. It is required that you provided at least half of the funds necessary to maintain the home and well-being of these people in order for them to qualify you as head of household.
People … Read the rest
Married taxpayers can file either joint tax returns or separate ones, depending on their personal finances. Ones who file jointly usually get more tax benefits, but it is important to explore your individual options before deciding which way to file every year. You do not have to file the same … Read the rest
Single tax filing status is appropriate for people who are not married, legally separated or divorced at the end of the previous year. A single person with one or more dependents or qualifying people should check to see if they fulfill the requirements to file as head of household.
This … Read the rest