The Earned Income Credit – A Valuable Tax Credit for Americans

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

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/

Free Online Tax Refund Calculator

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

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, the Child Tax Credit. 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/

Tax Benefits of Owning a Home

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, https://americantaxservice.org/new-homeowners-tax-credit/

How to Claim the Medical Expense Tax Deductions

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

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.

Child Tax Credit Calculator 2019 Launched

The launch of Child Tax Credit Calculator has ensured that parents with kids under the age of 17 can make the most out of the benefits they can get from child tax credit with ease.

Child credit is known to reduce Federal Tax bill by up to $2,000 for every eligible child. The new Tax Cuts and Jobs Act has meant that most American families have the opportunity to claim this credit. However, the rules are strict, and it can be a tedious process.

That’s where the Child Tax Credit Calculator comes into the picture. It helps parents stay on top of calculations for credits they can claim in the year. It’s interesting to note that with changes in rules in December 2017, the credit is now refundable.

Users get information about guidelines to know if their child is eligible for tax credits. They also know how much credit they are eligible for. All they have to do is answer a few questions and they can be guided through a step by step process that leads to substantial benefits.

About Child Tax Credit Calculator

This calculator has been designed to help parents figure out how much child tax credit they can claim in a year simply and conveniently.

Media Contacts:

Website: https://internettaxconnection.com/try-the-new-child-tax-credit-calculator/

Easy to Use TurboTax Tax Refund Calculator

TurboTax Tax Refund Calculator is for all those tax payers who wish to determine the estimated tax refund they would be eligible from the IRS. Thanks to this new calculator, it is now easy to determine the estimated refund. This handy tool is absolutely free to use and all that the users have to do is to answer a few simple questions.

The questions are basically straightforward such as marital status, dependents, home ownership and mortgage, wages, tax withholdings, etc. Once the information is entered in the online questionnaire, the calculator calculates the estimated refund as well as the amount that has to be paid in taxes. The TurboTax Calculator is up to date with the latest tax deductions and tax credits for the year 2018 and 2019 tax returns.

To determine the estimated federal tax refund visit, https://bestirstaxrefund.com/tax-refund-calculator-handy-tax-tool

About TurboTax Tax Refund Calculator

TurboTax Tax Refund Calculator is a calculator that allows tax payers to know how much of a tax refund they will be eligible to get back from the IRS. Users can determine the estimated tax refund for the year through this tool.

H&R Block Tax Refund Calculator

H&R Block Tax Refund Calculator allows tax payers to ascertain the amount of tax refund they are likely to get. It is often a time taking process as one has to visit the office of a certified tax preparer. The tax preparer then estimates and prepares the taxes thereby letting the tax payers determine the total amount of tax refund.

This tools helps users save a lot of time wherein they can calculate the estimated tax refund right from their desktop by answering just a few simple questions. There are a total of 9 questions ranging from the marital status to age, number of dependents to health insurance, employment status to total income, tax withheld to mortgage details if any. Once the users answer these simple and straightforward questions, they will be given the details of the estimated tax credits and refund.

To calculate the federal tax refund visit, https://americantaxservice.org/use-hr-block-to-calculate-your-tax-refund-amount/

About H&R Block Tax Refund Calculator

H&R Block Tax Refund Calculator is an online calculator that helps users determine the Federal tax refund that they might be eligible for.