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Alternatively, contact us for more! When preparing to file your federal tax return, don't forget your contributions to charitable organizations. The credit is available only to the original purchaser of a new qualifying vehicle, and the vehicle must be placed in service in the same year the credit is being claimed on the return. If the qualifying vehicle is leased the credit is available only to the leasing company. Also, the vehicle must be used primarily in the United States. Additional conditions regarding qualified manufacturers and phase out rules may also apply in determining credit eligibility.

Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund. The IRS estimates that 25 percent of people who qualify don't claim the credit and at the same time, there are millions of Americans who have claimed the credit in error, many of whom simply don't understand the criteria. EITC is based on the amount of your earned income and the number of qualifying children in your household. If you have children, they must meet the relationship, age and residency requirements. And, you must file a tax return to claim the credit. Please contact us for more information! Are you eligible for any of these tax credits?

Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns, advises the IRS. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable — taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Below are some of the credits taxpayers could be eligible to claim: Earned Income Tax Credit This is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

Child Tax Credit This credit is for people who have a qualifying child. This credit can be claimed in addition to the credit for child and dependent care expenses. For more information on the Child Tax Credit, see Pub.

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Child and Dependent Care Credit This is for expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage of those qualifying expenses. For more information, see Pub. For more information, see FormQualified Adoption Expenses. Credit for the Elderly and Disabled This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are citizens or residents. There are income limitations.

Education Credits There are two credits available, the American Opportunity Credit formerly called the Hope Credit and the Free sex dating in hatfield in 47617 Learning Credit, for people who pay higher education costs. The American Opportunity Credit is for the payment of the first four years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. A taxpayer cannot claim both credits for the same student in one year.

For more information, see PublicationTax Benefits for Education. To be eligible, you must be at least age 18 at the end of the year and not a full-time student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income AGI must be below a certain amount. There are other credits available to eligible taxpayers. Please contact us so we may realize your specific situation, and offer advice. Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit EITCa federal tax credit for individuals who work but do not earn high incomes. Points paid to obtain an original home mortgage can be, depending on circumstances, fully deductible in the year paid.

However, points paid solely to refinance a home mortgage usually must be deducted over the life of the loan. For a refinanced mortgage, the interest deduction for points is determined by dividing the points paid by the number of payments to be made Teens caseras hot the life of the loan. This information is usually available from lenders. Taxpayers may deduct points only for those payments made in the tax year. However, Free sex dating in hatfield in 47617 part of the refinanced mortgage money was used to finance improvements to the home and if the taxpayer meets certain other requirements, the points associated with the home improvements may be fully deductible in the year the points were paid.

Also, if a homeowner is refinancing a mortgage for a second time, the balance of points paid for the first refinanced mortgage may be fully deductible at pay off. Other closing costs — such as appraisal fees and other non-interest fees — generally are not deductible. Additionally, the amount of Adjusted Gross Income can affect the amount of deductions that can be taken. Please contact us if you've recently refinanced, and Free asian pussy warsaw can be a big help! Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.

Like any other tax credit, it's a dollar-for-dollar reduction of your tax bill. The maximum amount of this credit is constantly changing. You can take the credit for the elderly or the disabled if: Generally, you are a qualified individual for this credit if you are a U. If you are under age 65, you can qualify for the credit only if you are retired on permanent and total disability. You were permanently and totally disabled when you retired, and You retired on disability before the end of the tax year. Even if you do not retire formally, you are considered retired on disability when you have stopped working because of your disability. If you feel you might be eligible for this credit, please contact us for assistance.

You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and total disability, according to the IRS. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the two years before the current sale. If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion.

To exclude gain, a taxpayer must both own and use the home as a principal residence for two of the five years before the sale. The two years may consist of 24 full months or days. Short absences, such as for a summer vacation, count as periods of use. Longer breaks, such as a one-year sabbatical, do not. If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disaster resulting in a casualty to your home, or an involuntary conversion of your home.

Send us a message for more! This applies whether a person lives inside or outside the United States. The foreign income rule also applies regardless of whether or not the person receives a Form W-2, Wage and Tax Statement, or a Form information return. Foreign source income includes earned income, such as wages and tips, and unearned income, such as interest, dividends, capital gains, pensions, rents and royalties. An important point to remember is that citizens living outside the U. However, the exclusion does not apply to payments made by the U. Please contact us if you feel you may have earned foreign income to learn more!

With more and more United States citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law. Deductions decrease the amount of income subject to taxation. There are four types of deductible non-business taxes: State and local income taxes, or general sales taxes; Real estate taxes; Personal property taxes; and Foreign income taxes. You can deduct estimated taxes paid to state or local governments and prior year's state or local income tax as long as they were paid during the tax year. If deducting sales taxes instead, you may deduct actual expenses or use optional tables provided by the IRS to determine your deduction amount, relieving you of the need to save receipts.

Sales taxes paid on motor vehicles and boats may be added to the table amount, but only up to the amount paid at the general sales tax rate. Taxpayers will check a box on Schedule A, Itemized Deductions, to indicate whether their deduction is for income or sales tax. Deductible real estate taxes are usually any state, local, or foreign taxes on real property. If a portion of your monthly mortgage payment goes into an escrow account and your lender periodically pays your real estate taxes to local governments out of this account, you can deduct only the amount actually paid during the year to the taxing authorities.

Your lender will normally send you a FormMortgage Interest Statement, at the end of the tax year with this information. Call us or contact us today to find out how we can save you money! To claim a deduction for personal property tax you paid, the tax must be based on value alone and imposed on a yearly basis. For example, the annual fee for the registration of your car would be a deductible tax, but only the portion of the fee that was based on the car's value. Did you know that you may be able to deduct certain taxes on your federal income tax return? You may even have to pay tax on the gift. The person who received your gift does not have to report the gift to the IRS or pay either gift or income tax on its value.

You make a gift when you give property, including money, or the use of or income from property, without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift. There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit: Tuition or medical expenses that you pay directly to an educational or medical institution for someone's benefit Gifts to your spouse Gifts to a political organization for its use Gifts to charities If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.

For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's surname, but doesn't tell the SSA about the name change. If the couple files a joint tax return with her new name, the IRS computers will not be able to match the new name with the SSN. Similarly, after a divorce, a woman who had taken her husband's name and had made that change known to the SSA should contact the SSA if she reassumes a previous name. It usually takes two weeks to have the change verified. The form is available on the agency's Web site, www. The SSA Web site provides the addresses of local offices. Alternatively, please contact us as we can be of even greater assistance with your spousal situation.

Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration SSA. A mismatch between a name on the tax return and a Social Security number SSN could unexpectedly increase a tax bill or reduce the size of any refund. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return. Starting in the individual shared responsibility provision calls for each individual to have qualifying health care coverage, known as minimum essential coveragefor each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.

We do not use these technologies to capture your individual email address or any personally identifying information about you. Notice of New Services and Changes Occasionally, we may use the information we collect to notify you about important changes to our website, new services and special offers we think you will find valuable. As a user of our website, you will be given the opportunity to notify us of your desire not to receive these offers by clicking on a response box when you receive such an offer or by sending us an email request. When you send confidential personal information to us on our website, a secure server software which we have licensed encrypts all information you input before it is sent to us.

The information is scrambled en route and decoded once it reaches our website. Other email that you may send to us may not be secure unless we advise you that security measures will be in place prior to your transmitting the information. For that reason, we ask that you do not send confidential information such as Social Security, credit card, or account numbers to us through an unsecured email. Evaluation of Information Protection Practices -- Periodically, our operations and business practices are reviewed for compliance with organization policies and procedures governing the security, confidentiality and quality of our information.

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We may provide aggregate information about our customers, sales, website traffic patterns and related website information to our affiliates or reputable third parties, but this information will not include personally identifying data, except as otherwise provided in this privacy policy. We may disclose information when legally compelled to do so, in other words, when we, in good faith, believe that the law requires it or for the protection of our legal rights. Permission to Use of Materials The right to download and store or output the materials in our website is granted for the user's personal use only, and materials may not be reproduced in any edited form.

Any other reproduction, transmission, performance, display or editing of these materials by any means mechanical or electronic without our express written permission is strictly prohibited. Users wishing to obtain permission to reprint or reproduce any materials appearing on this site may contact us directly. If you have made an error in making your donation or change your mind about contributing to our organization please contact us. Refunds are returned using the original method of payment. If you made your donation by credit card, your refund will be credited to that same credit card. Automated Recurring Donation Cancellation Ongoing support is important to enabling projects to continue their work, so we encourage donors to continue to contribute to projects over time.

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