Category Archives: taxes

Free Tax Refund Calculator – Find Your Estimated Refund

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Without the right knowledge, trying to figure out which tax credits you are eligible for and how you can maximize your tax refunds can be harder than it normally should be. It is best to understand what tax credits you are eligible for and the difference between a refundable tax credit and a tax deduction. In a recent post, Efile Tax Advisor sheds more light on the most common mistakes people make when filing their taxes and how best to use a tax refund calculator to get the most returns.

The first mistake which robs a lot of taxpayers of some good cash in tax refunds is dismissing claiming any sort of federal tax refunds simply because they do not pay anything in Federal taxes. This notion is wrong as there are tax credits like the Earned Income Tax Credit (EITC) and Child and Dependent Care Tax Credit which are eligible to anyone regardless of how little they pay in taxes. Some of these credits are also fully refundable, so even if you pay nothing in tax you could still get a refund from the IRS.

Another mistake taxpayers make is trying to figure out everything by themselves. Most of the credits are calculated based on your income, the number of children you have, and your living circumstances. All this information can be inputted into H&R Block online tax filing platform which can then easily determine exactly which tax credits you may be eligible to claim.

It is best for taxpayers to take advantage of the tax refund calculator so as to have a good idea of how much they can get back from their tax refund this year. It is simple to use and no prior experience as regards tax preparation is needed to get accurate results. All that is required is just a few basic questions about your income and living circumstances.

For more information, please visit, https://efiletaxadvisor.com/2019/04/15/free-tax-refund-calculator-see-your-estimated-refund/

The Earned Income Credit – A Valuable Tax Credit for Americans

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Without doubt, the Earned Income Tax Credit (EITC) is the most valuable credit for working parents with a low to moderate income. It offers the potential to lower their tax bill beyond $0 so they can get a refund from the IRS. In a new post, Efile Tax Advisor offers all the information taxpayers need to understand how the EITC works. Taxpayers will find out what they need to qualify for the EITC and exactly how to claim it should they qualify.

To claim the EITC, taxpayers must first earn some form of income. The earned income must be either equal to or below $54,884 for the tax filing season they are applying for. They must also file a federal tax return regardless of whether they pay any taxes or not. Taxpayers do not need to have a qualifying child or dependent to claim the EITC.

Taxpayers who qualify to claim the EITC can do so either as a single taxpayer or married but filing jointly. When claiming the EITC, anyone mentioned as a dependent or qualifying child must have a separate social security number and this must be stated. And each qualifying child can only be claimed on a single Federal tax return per year.

There are free tax filing services available to people who would like to claim the Earned Income Credit. Efile Tax Advisor recommends using The TurboTax Free File feature as it is easy to use. It will only ask some basic questions like the total earned income, number of children or dependents and a few lifestyle questions. The site also recommends using any of the IRS volunteer programs across the country as they also offer free tax help.

For more information about the Earned Income Tax Credit (EITC), please read the original blog post by Efile Tax Advisor here, https://efiletaxadvisor.com/2019/04/15/how-the-eitc-supports-low-and-middle-income-americans/

Tax Refund Eligibility – Efile Tax Advisor

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Many American taxpayers miss out on thousands of dollars in tax refunds every year simply because they do not know how to get one or even if they are eligible for one. Getting a big tax refund in 2019 will come down to having the right information and making the best use of it. Online tax filing advice and recommendations platform, Efile Tax advisor share a couple of tips taxpayers can use to help maximize and calculate their tax refunds.

According to Efile Tax Advisor finding the tax credit you are eligible for is usually the most effective step in optimizing your tax reform. A whole lot of taxpayers make the mistake of believing they cannot claim any type of refund if they do not pay anything in Federal taxes. But this isn’t always the case. Tax credits, like the Earned Income Tax Credit (EITC), are eligible to anyone regardless of how little tax they pay. The EITC is also fully refundable and taxpayers can get a refund from the IRS even if they pay nothing.

Aside from the EITC, there are many other tax credits that can help taxpayers optimize their refunds. These credits are dependent on factors like the taxpayer’s income, number of children, and living conditions. By using a free tax refund calculator that takes all these factors into consideration, taxpayers can easily determine these credits and get a rough estimate as to how much they can get back as refunds. One of such calculators is the TurboTax calculator, it is easy to use and you will have an idea of the amount of money you could be entitled to in minutes.

To find out more, please visit, https://efiletaxadvisor.wordpress.com/2019/02/16/are-you-eligible-for-a-tax-refund-this-year/

Easily Figure out the Earned Income Credit Table Amounts

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Considered one of the most significant tax credits in the entire IRS tax code, the Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate income working families, particularly those with children. A huge number of families are eligible to claim a dependent tax credit every year because of their income and the number of household dependents they have. However, many of these eligible families fail to claim the credit. To help many eligible American families take advantage of the EITC, Efile Tax Advisor, an online Tax Filing Advice and Recommendations platform break down the earned income tax credit chart table and how much can be claimed back in taxes this year.

With the EITC, how much that can be claimed depends on the adjusted gross income and how many dependents exist in a household. Filing as a single taxpayer or jointly if married will affect the adjusted gross income rather than the maximum credit. Single taxpayers must have an adjusted gross income of less than $15,270, whereas married taxpayers filing jointly must have an income of less than $20,950.

The maximum credit that can be claimed for families without dependents is $519 while families with more than 3 dependents can claim as much as more as $6,431. The average payout will normally fall within these two figures. Trying to figure out exactly how much can be claimed could become a little complicated and Efile Tax Advisor recommends using an online EIC calculator. These calculators are mostly free to use and require just some personal basic information about the tax filer. They will then provide a rough estimate of how much can be claimed on your next tax return.

To find out more about the Earned Income Tax Credit, please visit, https://efiletaxadvisor.wordpress.com/2019/02/11/earned-income-credit-table-amounts/

Free Online Tax Refund Calculator

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Internet Tax Connection Proudly announces online free tax calculator to empower people to navigate the complexities of tax and finance with ease and accuracy because at the end of every year everybody needs to calculate their tax before he or she make any payment. Internet Tax Connection the convenient tax refund calculator that’s up to date with the latest tax laws. This free tax return estimator tool accurately forecasts your 2018 federal income taxes to show how much you may get back or what you may owe with tax reform. To see how tax reform affects you, visit our Tax Reform Center.

Internet Tax Connection has been adding more and more “freemium” tools to its package online with TurboTax, and the latest calculator has been pretty impressed. For individuals that have more complex tax situations, there are some options within the Tax Caster. For example, if you own a home, there is a module for the mortgage tax deduction, and for filers with children, there is an option for the child tax credit. Once you calculate your total income, you can determine what your tax bracket will be, which is published annually by the IRS through its website. To adjust your total income and tax bracket, you can utilize various functions such as tax deductions and tax credits which often will lower the total taxes due.

“When you first browse to the TaxCaster page on Intuit’s site, you are greeted with a nice landing page and an open canvas approach. It looks great on both a desktop and mobile phone. The application is free to use, and you start by entering some basic tax data such as marital status, income, and withholdings.  The screen updates real-time, and guides you through a wizard of selection choices” said the spokesperson of internettaxconnection.com, while talking about the Company.

“As mentioned, the first impression of the TaxCaster is impressive. The interface is high-speed and easy to use.  However, one of the more difficult aspects of using the calculator is that you need some basic background on your tax situation fairly early in the process. We recommend grabbing a copy of your most recent pay stub and any other tracking documents you have available for the tax calculator, as you will be able to reference information you will need” he added.

The calculations behind the TurboTax TaxCaster are all based on the general principles of accounting and the rules and laws set forth by the Internal Revenue Service (www.irs.gov). It is essential to have a basic understanding of how you pay your taxes, and with the plethora of tools available, you can quickly familiarize yourself with a basic understanding of how taxes are calculated.

As you get into using the tool, the beauty of the TurboTax online tax calculator is that it continues to compile your information real-time on the screen. After about 5 minutes of quick entry, we gleaned a reasonably accurate picture of what our tax filing situation was going to look like.

New Child Tax Credit Calculator

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Families with children under the age of 17 will find a new guide on tax blog, Internet Tax Connection very resourceful. The guide sheds more light into one of the most valuable tax credits available to Americans. See Child Tax Credit changes. Readers will found out how much the child tax credit is worth and exactly how much they can claim using a child tax calculator.

Recent changes to the Tax Cuts and Jobs Act (TCJA) have seen the child tax credit now become a refundable tax credit up to a maximum amount of $1,400. The income limits have also been increased and more families in America with qualifying children now have the chance to claim the credit on the new 1040 tax form. The child credit can help families reduce their Federal tax bill by up to $2,000 for every qualifying child.

Families looking forward to take advantage of the child tax credit must have at least a child below the age of 17 at the end of the tax year. The child must also be a direct descendent of the filer, which goes all the way to grandchildren and adopted children. The other criteria are;

– More than half of the child’s financial support must come from the taxpayer.

– The child must be claimed as a dependent and each child can only be claimed as a dependent on a single tax return.

– The child must be a US citizen or a US resident alien.

– The child must have lived with the taxpayer for more than half the tax year.

Using a child tax credit calculator can help determine exactly how much can be claimed with the child tax credit, the additional child tax credit and the child dependent care tax credit. By following simple instructions and providing some basic personal and financial information, taxpayers will find out how much they can potentially claim in a matter of minutes.

For more information about the child tax credit and how to use the child tax credit calculator, please visit, https://internettaxconnection.com/try-the-new-child-tax-credit-calculator/

New Earned Income Credit Calculator

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The Earned Income Tax Credit (EITC) which goes to millions of lower to middle-income families helps to reduce poverty while also encouraging its recipients to work. A recent guide just published on the tax information journal, Internet Tax Connection shows how much the credit is worth and how to use the earned income credit calculator to figure out how much you could be owed this year.

The amount that can be claimed is found on the EIC tax table. The taxpayer’s yearly income and the number of qualifying children determine the amount. Qualifying children must be claimed as dependents through the Federal tax forms and can only be claimed once per year on a single tax form.

Any American looking to claim the maximum amount from the EITC table must have more than two qualifying children and will need to earn less than $45,802 if filing as a single taxpayer or $51,492 if filing as a married taxpayer filing jointly. Low-income families without children can also take advantage of the EITC. For these kinds of families, single taxpayers will need to have a yearly income below $15,270 and married taxpayers filing jointly will need to earn less than $20,950.

The EITC is a fully refundable tax credit and could be worth thousands of dollars. By using a step-by-step calculator such as the earned income credit calculator, taxpayers can easily find out how much they are entitled to this year. All they need do is answer a few questions to get an estimate of how much they could be entitled to in refunds.

To get an estimate of how much you could be owed this year in tax refunds, please use the Earned Income Credit Calculator Today here, earned income credit calculator

Tax Benefits of Owning a Home

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Besides the social privileges and freedom owning a home provides, there are tax advantages to home ownership. Homeowners who are wondering what tax incentives are available, and if there is a new home owner’s tax credit will find a recent post on the American Tax Service very informative. The post summarizes some of the benefits as well as the tax changes from the Tax Cuts and Jobs Act of 2018 that will affect all taxpayers filing as a new home buyer.

There are new major changes in the tax law that homeowners should be aware of. First, the total cap on the mortgage interest rate deduction has been lowered to $750,000 from $1,000,000. The second big change sees the standard deduction doubled. For individual filers, the amount is now $12,000 and it’s up to $24,000 for married couples. There is now a big possibility that the standard deduction might make the mortgage interest deduction now inconsequential on lower-priced homes.

The “First-Time Homebuyer credit” which was up to $7,500 for first-time homebuyers is now expired. And unless taxpayers had their home between 2008 and 2010, they are not eligible for this credit. Taxpayers can, however, claim buying a new house on their taxes. They will not be able to claim the costs of the closing process, but, they can claim any costs associated with mortgage interest, taxes, and insurance costs depending on the exact filing situation. This is capped at a total amount of $750,000 for married filers.

When buying a home, there are a number of fees and taxes applied through the closing process beyond the principal amount paid on the home. Only the taxes associated with the house are going to be eligible for a deduction. Capital gains tax are also a concern when selling a home.

For a clearer understanding of the whole process, please read the full post on American Tax Service here, first time home buyer tax credit.

How to Claim the Medical Expense Tax Deductions

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American taxpayers are allowed to deduct a certain amount of medical expenses from their taxes. But, these medical expenses are one of those tax deductions that have always been a bit complicated to calculate. In a new post, the National Tax Reports reveals which medical expense tax deductions taxpayers can take advantage of in 2018, how they work, how they are deducted from taxes, and which expenses can be deducted by hourly workers and self-employed.

The Medical tax deduction is quite different from other tax deductions. There is a ceiling where taxpayers can only deduct qualified medical expenses if they total more than 7.5% of their adjusted gross income for the years 2017 and 2018. From 2019, which will be reflected in the 2020 tax return, this amount goes up to 10% of adjusted gross income.

To estimate the Medical Tax Deduction, the first step is to calculate one’s adjusted gross income. This is one’s taxable income minus deductions, traditional IRA contributions, and any student loan interest one might have. Aside from the adjusted gross income, the IRS is also specific about the qualifying medical expenses. Some of the most common qualifying medical expenses include; preventive care, surgery treatments, dental care, vision care, prescriptions, visits to psychiatrists and psychologists, and travel expenses such as car mileage and parking fees. Medical premiums are also tax deductible but must be paid from the taxpayer’s own pocket.

The easiest way to claim the Medical Tax Deduction is by using TurboTax. Taxpayers will need to attach Schedule A and itemize their deductions. When itemizing expenses, filers will need to write down your adjusted gross income, enter 7.5% of this figure, and the difference between their expenses and the 7.5% they just wrote down. They are also expected to add any standard deductions that they are entitled to.

TurboTax removes much of the complexity involved with figuring out medical expenses and which deductions filers are entitled to. It’s also much more cost-effective than hiring an accountant and a tax-preparer!

File your taxes today with TurboTax in minutes and have peace of mind this tax season!

For more information about the Medical Expense Tax Deduction, please read the full post here, https://nationaltaxreports.com/what-are-medical-expense-tax-deductions/

Latest IRS Federal Tax Brackets

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National Tax Reports, a leading online Tax Information Company has reviewed and analyzed the latest IRS Federal Tax Bracket for 2018 and 2019. As most people scramble to get all the relevant information and documents to enable them to file their federal income tax returns, Tax experts have deemed it fit to bring people’s awareness to the various Federal Tax Bracket Systems in calculating their tax liabilities.

The United States tax brackets system works in a unique way that determines how a taxpayer is taxed. As such the tax experts at National Tax Reports take a critical look into how Federal tax brackets system is applicable to taxpayers, aiding them in calculating their tax refund or liability, as stated in the tips enumerated here. It can be recalled that in 2018, the IRS released new updates relating to the income tax brackets and such other limitations, which becomes the standard for calculating the 2018 and 2019 tax amount payable to the IRS.

One of the tips in using the Federal IRS Tax Bracket system, as revealed by National Tax Reports, is to be aware that the amount payable by a taxpayer increases as the degree of taxable income increases. The taxable income amount ranged from 10% to 39.60%. The applicable tax bracket rate is not fixed but marginal. It means, all taxable income isn’t taxed at a higher tax bracket, but each tax is taxed at its own tax rate bracket.

The ability to know how much deductions and tax credits one can claim during a taxation year is essential to estimating personal tax refund and/or liability. Tax burden can be reduced by using tax planning strategies like 401(k) or investment in IRA, as well as the Turbo Tax Calculator for 2018, 2019 tax year.