Earned Income Tax Credit (otherwise known as EITC) is a credit for designed for low to moderate income citizens. A tax credit reduces the taxes you own and could also qualify you for a refund. In order to even have a chance at getting this tax credit, you must file a tax return even if you don't owe the IRS a dime - and even if you're not required to file. The IRS will not come to your door saying "Hey, you've got money!"... Nope, you have to claim it. If you don't ask, you don't … [Read more...] about What Is Earned Income Tax Credit?
A great number of are drawn to the thought of running a business online through the opinion that whatever revenue attained on the web might be exempt from taxation. This however is a widespread disbelief due to the fact those who own internet businesses are still required to pay their taxes. Actually there's been a lot of controversy pertaining to internet businesses and taxation leaving many of the entrepreneurs who begun their online businesses with this particular false notion wishing they … [Read more...] about Will My Online Earnings Be Taxed?
There are many tax deductions that people miss out on during tax season. The following infographic is a visual checklist to highlight tax deductions & credits that you may be eligible for. Note: Although this chart is dated 2012, many of the deductions still remain valid for the 2016 tax season. (Click to Enlarge) … [Read more...] about Infographic: Tax Deductions Checklist
How much money do you have to make to file taxes?... What is the minimum income to file taxes?... These types of common tax questions have been asked over & over again on search engines and message boards all across the web. It's a Good Question with Multiple Answers. Read on... This article is for US taxes. The requirements will vary depending on 3 Major Factors: Your Age, Filing Status, and Type of Income You Receive. For example: At the end of 2016, if you were single and under … [Read more...] about How Much Money Do You Have to Make to File Taxes? (2016 Tax Return)