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earned income tax credit eligibility
Earned Income Tax Credit Eligibility: Qualifying Criteria
Apart from having low to moderate income, there are several other factors that determine whether you qualify for earned income tax credit.
Tax Deductible Donations
Tax Deductible Donations: Maximizing Your Contributions
You can claim tax-deductible charitable donations while filing your tax return by itemizing the contributions on Schedule A of IRS Form 1040 or 1040-SR. It is usually limited to a certain percentage, for instance, 60% of the taxpayer’s adjusted gross income (AGI).
IRS Payment Plan
IRS Payment Plan: Managing Tax Debt Effectively
Payment plans are available from the IRS, and you may be able to get on one on your own - possibly for free - if you apply. Read on for more details.
EV Tax Credit
EV Tax Credit: Saving on Electric Vehicle Purchases
Taxpayers buying clean, plug-in electric or plug-in hybrid vehicles can take advantage of the electric vehicle tax credit, also known as the EV credit. Depending on the vehicle's weight, how many cars the manufacturer has sold, and whether you own it, the non-refundable credit will range from $2,500 to $7,500 for the tax year 2022 (taxes filed in 2023).
how to file taxes
How to File Your Own Taxes: Step-by-Step Process
The 2023 tax season is here and it's time to get your paperwork in order! The IRS kicked off the tax return acceptance on January 23, so grab your favorite pen and get ready to file your 2022 taxes.
Self-Employment Taxes
Self-Employment Taxes: A Guide for Independent Workers
This article explains everything you need to know about self-employment tax or SECA which is the federal government's tax for self-employed individuals.
do i have to file taxes
Do I Have to File Taxes? Understanding Your Obligations
You’ll know the power of deduction, only when it comes to income tax returns. But let’s say, you are not bound to file a tax return. Speechless, right? There may be many reasons why you need to file tax returns, or not. Read on to know all the circumstances.
Tax deadline
Tax Deadline: Don’t Miss the Filing Date
All of us share a common concern, whether you're a tax guru or a last-minute runner, the question is the same: "When are taxes due?" Read on to find out the tax deadlines in 2023, including estimated tax payments and the due date for your federal income tax return.
child tax credit eligibility
Child Tax Credit Eligibility: What You Need To Know
Tax season is on and everyone is busy filing their returns and finding ways to get respite from the heavy sums that might need to be paid. One popular way to find some relief is to check if you qualify for Child Tax Credit in 2023. Read on to know more.
Federal-Income-Tax-Brackets
What are Federal Income Tax Brackets for 2022-2023
While it is essential to take advantage of credits and deductions, before that you should understand which Federal Tax Brackets you fall under, be it filing single or married. Here's a comprehensive list of Federal Income Tax Brackets that can help you understand your income brackets better.
tax-returns-1
When Is The Best Time To File Tax Returns: Explained
If the IRS receives your tax returns after the deadline, then it will definitely bill you extra under a late-filing penalty. They will add an extra 5% to your tax which extends for the next five months.
tax-extension-deadline
Tax extension deadline 2023: The In-Depth Manual
Taxpayers who request an extension will have until October 16, 2023, to file their 2022 tax return. However, this extension does not extend the payment deadline.
penalty
What is the Penalty for Filing Taxes Late? Explained
Penalties are calculated automatically by the IRS and added to any tax owed. The IRS will send you a notice detailing the amount of the penalty and the reason for it.
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