Finding out your tax bracket is of great importance as it helps determine how much of your income is taxed. Taxpayers who find it difficult to determine what tax bracket they fall under will find a new post on National Tax Report worth reading. The post reveals the IRS tax bracket rates for singles, head of households and married couples filing together. It also reveals how taxpayers can determine what tax bracket they fall under using a tax bracket calculator.

Tax brackets are based on one’s entire income which includes income from salaries to earnings from investments or even profit from selling a property. It is also not a standard percentage as taxpayers are not required to pay a definite tax rate on their entire income. This is because only part of a taxable income that falls into a higher tax bracket threshold is taxed at a higher rate. The part that falls below the threshold is taxed at the lower rate.

For single taxpayers, the IRS tax brackets for the 2018 tax filing season are as follows:

• $9,525 or under means you will be taxed at 12%.
• Up to $38,700 and you will be taxed at a rate of $9525, in addition to a 12% tax rate of your income that falls solely in this threshold.
• Up to $82,500 and you’ll see a tax rate of 22%. This is $4,453 on top of this.
• Up to $157,500 is a rate of 24%. But that’s $14,089.50, on top of that.
• Anything up to $200,000 is a rate of 32%, plus $32,089.50

If you are ready to determine your tax bracket, National Tax report recommends that you use the TurboTax tax calculator today. The calculator only requires that you enter some basic information about your taxable income and filing status and you will find out exactly which tax bracket you will fall into.

To find out the IRS tax bracket rates for head of households, married couples filing together and self-employed people, please read the original post on National Tax Report here, https://nationaltaxreports.com/find-tax-bracket-calculator/

The Earned Income Credit was passed in 1975 and is today one of the most successful tools in helping working families with a low to moderate income fight poverty. But recent research by an independent tax policy research Organization, The National Tax Report has shown that nearly one in four Americans who are eligible for this tax credit do not know they can claim it. To help curb this development and encourage more low to moderate income families claim The Earned Income Credit (EIC), The National Tax Report has just published the Earned income tax credit table on its website.

The purpose of the table is to help individuals calculate the amount of earned income credit they can claim in the tax year 2018. The table provides in clear detail how much credit each individual can earn based on the number of dependents they have and their total gross income. The credit will increase as the number of dependents claimed on the tax return increase but will reduce as the total gross earned income of the filer increase. There is also more information on the site detailing who qualifies for the Earned Income Credit and what set of individuals can benefit the most from it.

The EIC provides support for low and moderate-income working parents (with qualifying children) in the form of tax credits. As depicted on the table, the tax credit is not as beneficial for individuals without children as it is for those having children but not having children is no reason not to claim the EIC.

Individuals who qualify for the EIC can claim it using Form 1040 which is a percentage of the individual’s earnings up to a certain maximum limit.

For more information and to see how much credit you can claim on your tax return, please visit https://nationaltaxreports.com/earned-income-credit-eic-table

As we gradually approach tax season, National Tax report, an independent tax policy research organization has just recently published a post on its website detailing the two best W-2 form finders online. The post highlights the TurboTax W2 finder and the H&R Block W2 finder as the best W-2 form finders online.

Businesses or employers are required by the IRS to furnish their employees or contract staffs with the W2 form. As it is where the income earned by an individual employee and the taxes already paid are recorded. Wages, commissions, tips, and other withholdings such as federal, state, or social security taxes are also recorded on the W2 form. As such, it can be used to calculate how much each citizen owes the IRS and their state department of revenue making the W2 form an indispensable tool during the tax season.

To simplify and automate the W-2 distribution process, there are now third-party companies that offer the form for free online. This makes me it very easy for employees to file their tax returns without having to wait for their employers or endlessly checking their mailbox.

According to the National Tax Report, the TurboTax W2 finder and the H&R Block W2 finder are two of the best services available online. With any of the services, individuals can easily retrieve their W-2 information automatically and import them into their tax return or download them to their computer system. Employees looking to file their tax return on time can also use any of the services to look up their company information or use their Employer Identification Number to find their W2 form.

The Internal Revenue Service deadline for employers to send out the W2 form is January 31. With the TurboTax W2 finder or the H&R Block W2 finder, employees can now file their tax return a lot sooner. For more information and to see how you can get your W2 online, please visit https://nationaltaxreports.com/how-to-get-your-w-2-form-faster-online/

Great News For Taxpayers In The Low Income Level To Get A Better Tax Refund

National Tax Reports, a reliable online Tax Information Company is pleased to bring to the awareness of taxpayers the Earned Income Credit (EIC) table. The company which prides itself in providing one-of-a-kind tax information service is pleased to bring back information on the EIC tax credit which was passed by the US government in 1975 is designed to assist people in the lower income levels to save on their tax and have a better tax refund.

There is a lot of tax relief potential for parents under low and moderate-income working class, and National Tax Reports wishes to remind and raise the awareness of parents about the EIC. The support provided for parents under the EIC lies in the form of tax credits, and it’s more favorable for parents with qualifying children. However, parents without children are not disqualified from the credit. The EIC is available for all classes of working individual but more benefits for parents with children.

To be qualified for the Earned Income Credit, all members of the family must have as a prerequisite a social security number, have less than $3,400 investment income for the tax year, and more. Earned Income refers to the income a person receives for working for an employer or for being self-employed. They allow people with families to save more money and take care of their families and other vital needs.

Turbo Tax financial experts and analysts are professionally qualified to help qualified personnel claim their Earned Income Credit with their Federal Individual Income Tax Return form 1040A or 1040. Turbo Tax has been in the business of taxation for many years and assists anyone to claim their Earned Income Tax Credit. The EIC are refundable credits which come with lots of benefits such as returning the additional refund where the tax credit is larger than the tax liability.

For more information visit, http://nationaltaxreports.com/earned-income-credit-eic-table

The Protecting Americans From Tax Hikes Act (PATH Act) from 2015 was introduced with the sole aim of reducing the amount of tax fraud in the United States. It was becoming somewhat of a disturbing trend for identity thieves to file very early into the tax season so they could receive refunds from the IRS before any data can be verified from the employers involved. In order to combat this trend, the IRS has accelerated the filing deadlines for the 1099s and W-2 forms as part of new changes to the PATH Act. Internet Tax Connection sheds more light on what the new accelerated filing deadlines are and what impact it has on taxpayers filing form 1099s and W-2s.

For the W-2 form, the new due date for paper copy A, which is sent to the Social Security Administration is now January 31. This new due date also applies to the electronic version which used to be due by March 31. Also, the due filing date for the 1099-MISC forms has been accelerated to the 31st of January regardless of whether they are filed on paper or electronically.

This implies that there is now no time to file corrections before the due date. As a result, the PATH Act has implemented a safe harbor rule. For minor changes, there’s no penalty for filing an error and it can be corrected later on.

The tax blog also notes that there are now new penalties for taxpayers who file late or fail to file at all. Taxpayers who file up to 30 days late will now have to pay a $50 fine per form while those that file later than 30 days will pay a $100 fine per form. Defaulters or filers that submit their forms after August 1st will pay the heaviest fine and will be subjected to a $260 fine per form.

In order to avoid incurring such penalties, taxpayers should make note of the new due dates immediately and ensure that they send their forms for tax filing with the SSA or IRS on or before January 31.

For additional information about the new Accelerated Filing Deadlines for 1099s and W-2s please visit, https://internettaxconnection.com/filing-deadlines-for-1099s-w-2s/

The child tax credit is one of the most valuable tax credits for families with children under the age of 17. However, the rules are strict regarding whether you can claim the full child tax credit.

Our guide is going to introduce you to a child tax credit calculator you can rely on and show you exactly how this tax credit works.

What is the Child Tax Credit?

The child credit is a credit that can reduce your Federal tax bill by up to $2,000 for every qualifying child. The recent Tax Cuts and Jobs Act (TCJA) also dramatically increased the income limits, so now most families in America with qualifying children will have the chance to claim this credit.

The tax credit is not a deduction, so if you claim the full $2,000 and you owe $3,000 in Federal taxes, you’ll now only owe $1,000 to the Federal government.

Is this Tax Credit Refundable?

Before the overhaul of the tax haul in December 2017, the tax credit was non-refundable, meaning that if you don’t owe anything to the IRS you wouldn’t get to benefit from this credit.

However, the child tax credit is now refundable up to a maximum amount of $1,400. So, in theory you can get $1,400 back from the IRS.

Is Your Child Eligible for the Tax Credit?

There are six main tests that your child must pass in order to qualify for the tax credit. Here’s an overview:

1. At the end of the tax year your child must be under the age of 17.
2. The child must be a direct descendent of you, which goes all the way to grandchildren and adopted children.
3. More than half of their financial support must come from you, the taxpayer.
4. You must claim your child as a dependent. Each child can only be claimed as a dependent on a single tax return.
5. The child must be a US citizen or a US resident alien.
6. They must have lived with you for more than half the tax year.

It’s all quite simple, but if you’re divorced you may need to examine your affairs more closely and coordinate with the other parent as to who will claim the child as a dependent.

How Much Am I Eligible For?

The child tax credit calculator from TurboTax will show you exactly how much you can claim this year. It’s combined with a dependent’s calculator, so you can also add other dependents in your household.

How do you use it?

Just answer a few basic questions. Just like with the TurboTax platform, you’ll be guided through the process step-by-step.

Follow the instructions and have some basic information about your personal and financial situation available and you’ll find out how much you can potentially claim in a matter of minutes.

Last Word – Find Out How Much You’re Owed Today

The child credit is one of the most valuable tax credits available to families. Use the child tax credit calculator to find out how much you could be owed today.

Have you tried the child credit calculator yet?

The earned income credit, which may also be referred to as the Earned Income Tax Credit (EITC) is a refundable tax credit aimed at lower to middle income families. The philosophy behind it is to help people avoid becoming impoverished, while also encouraging people to work.

Our guide is going to show you how much the credit is worth and how to use an earned income credit calculator to figure out how much you could be owed this year.

What is the Earned Income Tax Credit?

The EITC is based on how many children you have and how much you make per year. The maximum amount you can get from this credit is $6,444 for the 2018 tax year, which is a moderate increase from 2017.

However, most people won’t be able to claim the full tax credit. To claim the maximum amount your income must be below $45,802 for a single taxpayer or $51,492 for a married taxpayer filing jointly. You must also have more than two qualifying children.

However, even low-income families with no children can take advantage of the EITC. Single taxpayers need an income of below $15,270 and married taxpayers filing jointly need an income of under $20,950.

Is the Earned Income Tax Credit Refundable?

The EITC is considered one of the most valuable tax credits for poorer Americans because it’s fully refundable. The chances are if you qualify for this credit your Federal tax bill won’t be high and may even be as low as zero when other credits and deductions are considered.

So, it could be worth thousands of dollars to you this tax season.

That’s why you can’t get this wrong or you could be losing out.

How Do I Claim the Earned Income Tax Credit?

First, you should use the earned income credit calculator from TurboTax to find out how much you could be entitled to. The next step is to make sure you claim any dependents via your Federal taxes.

You’ll only be entitled to the EITC if you’ve claimed your children as dependents on your tax form. However, keep in mind that each child can only be claimed once per year on a single tax form, so you may need to coordinate if you happen to be divorced.

Let TurboTax handle this for you. They have all the forms you need, and they make filling them out easy.

Use the Earned Income Credit Calculator Today

It couldn’t be easier to find out how much you could be owed this year. Use the TurboTax credit calculator and just answer a few questions to get an estimate of how much you could be entitled to.

It’s a step-by-step calculator with clear instructions, so anyone can use it.

Last Word – How Much Could You Be Owed?

Through this tax credit calculator, you’ll discover how much you could be entitled to this year. It’s your chance to find out how much you could be entitled to this year.

Don’t lose out on thousands of dollars. Find out how much you could be owed today!

 

 

Tax credits and deductions are meant to help taxpayers easily reduce their tax bills and maximize on savings. While tax credits can be more advantageous as they are subtracted from ones tax liabilities and reduces ones tax bill dollar-for-dollar.

Deductions, on the other hand, are subtracted from ones total taxable income and do not provide a dollar-for-dollar figure benefit. American Tax service, a blog dedicated to helping Americans file their taxes right has just published a post highlighting seven of the most-missed tax credits and deductions and why any smart taxpayer should not overlook any one of them.

First on the list is the Earned Income Tax Credit (EITC). It is a refundable tax credit and should be the number one credit any low-income family should take advantage of. The EITC can range from $519 for no qualifying children to $6,431 for three or more children that qualify. Next on the list is the child tax credit which is a non-refundable tax credit that provides up to $2,000 per child this tax season.

The other tax credits listed on the site are:

• The Non-Child Dependent Credit
• The Child Tax Credit and Dependent Care Tax Credit
• Education Tax Credits
• The Savers Credit – Retirement Savings Contribution Credits
• The Healthcare Premium Tax Credit (PTC)

While finding out the tax credits and deductions you qualify for is a great thing, knowing how to claim them is surely the most important thing. The American Tax Service recommends using H&R Block online software to discover and claim all the Tax Deductions and Credits you may qualify for. H&R Block is easy to use and will only ask simple questions to ascertain the tax credits and deductions you qualify for therefore ensuring you get the largest refund possible.

For more information about the New Tax Credits and Deductions 2019, please visit, https://americantaxservice.org/new-tax-deductions/

Recently, the IRS released a draft of the new IRS 1040 Form – A sleek, simplified tax form the size of an average postcard. The new draft may seem a bit confusing as it is significantly different from the previous one. So to help taxpayers across the country get a better understanding of the new IRS form 1040, the American Tax Service has revealed five important things all Americans should know about the new IRS Form 1040.

The American Tax Service reveals that the first and most conspicuous change with the new IRS 1040 Form is the size. The new Form 1040 is about half the size of the old form as it contains just 23 lines, a sharp reduction from the 79 lines contained in the previous form. To compensate for all the content that has been cut-off, the IRS has added 6 more schedules alongside the already existing schedules. While some aspects of the old form were moved into these new schedules, other aspects like the Deductions for alimony and a few others were completely removed.

The Form 1040-EZ and Form 1040-A will no longer exist and every taxpayer will now have to use the Form 1040. All relevant identifying information will be filled on the front side of the card while all tax calculations will be performed on the backside. Taxpayers with more complex tax affairs will require the relevant schedules to be attached to the form. Also, worthy of note is that the new schedules are now numbered, rather than lettered.

Finally, the American Tax Service sums it up with the opinion that the Average American taxpayer might find the new form simpler to use but Americans who have more complex tax affairs might tend to find it a lot more confusing. As a result, the tax blog recommends that all taxpayers file their taxes online with the H&R Block. The H&R Block is up to date with tax reform calculator, the latest IRS tax forms, including the new tax deductions and credits.

To find out more about the New IRS 1040 Form and how you can get a 35% discount filing your taxes online with the H&R Block, please visit, https://americantaxservice.org/what-is-the-new-irs-1040-form/

If you intend to receive your tax refunds as quickly as possible after filing your returns, then there are a few key things you can do to quicken the tax refund process. In a recent post, National Tax report reveals what steps you must take to get the quickest refund possible and how soon you can begin to expect your tax refund for 2018, 2019 if you file with the online tax filing platform TurboTax.

According to the tax blog, the first step to getting your refunds quickly is by avoiding the mail. Filing a paper tax return can take six to eight weeks to process and as such isn’t an option if you intend to get your refunds fast. By filing online with TurboTax, the tax filing and refund process is expedited. And should you opt to receive your refund by direct deposit, you can get your tax refund as soon as eight days after you file.

Filing early can also quicken the tax refund process. Based on previous years and the number of changes to the tax code, it is likely that the IRS open the tax filing season on January 29, 2019. However, if you are filing with TurboTax, you do not need to wait until the season starts to file your taxes. TurboTax will securely hold your tax return and submit it to the IRS the minute the doors open to file taxes.

With TurboTax Online, you can expect the guided interface to help you throughout the entire filing process. The tax software will only ask you simple questions to ascertain which version is best-suited and beneficial for your use. After which it will guide you in filling out the correct 1040 tax forms, so your return is accurate. There is literally no need for you to know about the complicated parts of taxes when using TurboTax Taxcaster.

For more information about TurboTax and how to get the quickest refund possible, please visit, https://nationaltaxreports.com/when-will-turbotax-send-my-tax-refund/