An article now available on Internettaxconnection.com reveals answers to five tax-related questions. Written and published by tax preparation planner Frank Ellis, the article covers important topics every taxpayer needs to know as tax season approaches. These topics also represent key matters people need to be aware of when filing their taxes.
The first question covers the documents needed for filing. These include the W-2 form from employers and a 1099-INT form from a bank. Documents with social security numbers are needed as well. Receipts are another necessity. Also, the author reveals how important it is to file taxes even if one did not have a lot of earnings. Even if income is below the IRS’s filing requirement, the author says, filing is still recommended. After all, it is the only way to get a tax refund. Some insight into tax credits is provided here as well.
Many taxpayers ask who they can claim as a dependent. Ellis also explains who else can be claimed, and how much can be deducted as a result. Deductions and credits for parents are a hot topic, and the author also answers the question of what is available to parents. The child and dependent care tax credit, child tax credit, and earned income tax credit are listed in this section.
Next, tax benefits for college students are explained. Relief options offered by the IRS include the American Opportunity Tax Credit, Lifetime Learning Credit, and deductions for tuition and fees. These are explained for those who might not be fully aware of the options.
After answering the five key questions, the author talks about the benefits of filing taxes online. One can immediately find out if they qualify for deductions by answering the questions on H&R Block or TurboTax. Ellis mentions how W-2 information can be automatically imported. He also notes the availability of a tax refund calculator that can be of great help.
To find answers to important tax filing questions and more, go to the article at http://internettaxconnection.com/five-common-tax-questions/.