Monthly Archives: July 2019

The New Federal Income Tax Brackets – Find Your Tax Bracket

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Every year the IRS tweaks the federal income tax brackets to accommodate changes in inflation and this year 2019 is no different. This is mostly done to prevent inflation from pushing people into higher tax brackets known as the bracket creep. And up to 40 different provisions are taken into account to stop this from happening. Confused? Don’t know how this is set and which federal income tax bracket you fall in? A new post on Efile Tax Advisor clears all the confusion and provides all the information you need to find out which tax bracket you fall in this year 2019.

As long as you earn a taxable income, you will be automatically taxed at the standard rate of 10% irrespective of your filing status. Single taxpayers will need to earn a taxable income of $9,700 to fall within the 12% bracket. They will move into the 22% tax bracket if they hit $39,475 and can end up in the 24% tax bracket once they make as much as $84,200. But for Married taxpayers filing jointly, they will fall within the 12% bracket when their earnings are up to $19,400. They then move to the 22% tax bracket when they reach a $78,950 income and finally will move into the 24% tax bracket when they make a joint taxable income of $168,400.

The tax bracket is calculated different for high-income earners and depending on their income, their tax bracket range will fall within 32% to 37%. Also, long-term capital gains are calculated differently from other forms of income. The rates are 15% on $39,375 for single taxpayers and $78,750 for married taxpayers filing jointly. This could rise up to 20% for single taxpayers gaining $434,550 and $488,850 for married taxpayers filing jointly.

Credits and deductions can force low and middle-income taxpayers into lower tax brackets since these brackets do not consider them. It is best to make use of online tax preparation software to file taxes to ensure you are making the most of every tax credit and deduction.

For more information about the IRS tax brackets and to find out which tax bracket you fall into, please read the original blog post by Efile Tax Advisor here, https://efiletaxadvisor.com/2019/04/17/irs-federal-tax-brackets/

H&R Block Emerald Refund Advance Loan

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Do you need cash urgently and can’t wait for the duration required to receive your income tax refund? Then you will find a new post on the American Tax Service very insightful. With the IRS holding on to refunds longer than is expected in a bid to stop tax fraud, taxpayers who need to get their money fast will have no choice than to apply for a refund advance. The post reveals everything you need to know about getting a refund loan using the H&R Block Emerald Refund Advance Loan option.

A refund advance loan simply offers you an opportunity to get your refund faster than everyone else. It is offered by tax preparation services, as the money given to you is taken back when your refund is finally issued by the IRS. The H&R Block offers the refund advances from January 4 to February 28, 2019. Interested applicants are not allowed to take out more than they expect to get back as part of their refund. And they can only claim four different loan amounts, which are: $500, $750, $1250, and $3000.

What stands the H&R Block refund advance out from every other refund advance option is its zero interest rates. Also, the money is deposited into your account the same day you are evaluated and can be withdrawn using a H&R Block Emerald MasterCard. Applicants do not need to worry about their credit scores as the approval process works differently from a conventional personal loan. Considering you are only given what you are entitled to base on your tax return, all that is required from you is evidence of your refund through your taxes and appropriate identification.

Though tax refund advances are classified as a ‘no risk’ loan, the American Tax Service recommends that you only apply for them in emergency situations.

Aside from using H&R Block to apply for a refund advance loan, the American Tax Service recommends using the tax platform to file your taxes and calculate your tax refund. Creating an account with the H&R Block is fast and free.

For more information, please visit, https://americantaxservice.org/hr-block-emerald-refund-advance/

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/