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6 Tax Breaks for the 2016 to 2017 Tax Filing Season

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It is almost that time of year again….tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund.  The first topic is Earned Income Credit (EIC). The rules on this can be very confusing, but we are […]

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5 Big Tax Credits and Deductions to Claim in Your 2016-2017 Tax Filing

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It’s hard to believe that we only have a couple months left in 2016, and tax-filing season will begin soon. In this post we’re going to look at 5 big categories of tax credits and deductions you should consider when filing your 2016 tax return next April. One point to keep in mind before we […]

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Expanding the Earned Income Tax Credit in 2016

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See this article for 2015 and 2016 Earned Income Tax Credit figures released by the IRS [Updated following SOTU speech] Following President Obama’s state of the union speech and in addition to the items below, he had some good news on expanding the Earned Income Tax Credit (EITC)  for 2016, which actually partisan support. The […]

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A $2000 Paycheck Credit Bonus in 2015 and Other Middle Class Tax Breaks

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In a push to reengage their voting base Democrats have proposed a $2000 paycheck credit bonus as part of a wide ranging middle-class tax credits proposal. The paycheck credit proposal, architected by House Rep. Chris Van Hollen (D-Md.), would only be available to middle class Americans, which are defined as couples earning less than $200,000 […]

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Year End Tax Moves You Can Start Making Now

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With year-end around the corner most people are far more focused on holiday shopping rather than on reducing their tax liability. But the fact is that unless you make tax saving moves before year end, you may end up paying Uncle Sam (a.k.a the IRS) a lot more than you legally have to when you […]

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2014 Earned Income Tax credit (EITC)

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[2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have been some minor increases to the EITC amount and qualifying limits following inflation adjustments. How to read the table above. The “earned income amount” (line 1) is the amount of income (minimum limit) at or […]

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2013 Tax Changes, Credits and Impacts You Need to Be Aware of When Filing Your Tax Return in 2014

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[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new phase out deductions and the […]

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No Payroll Tax Credit Extension into 2013. See How Much Your Paycheck Will Drop With Higher Taxes

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[Updated following latest fiscal cliff negotiations] The 2 percent cut in Americans’ payroll taxes, effective in 2011 and 2012, expired on December 31st 2012.  This stimulus driven tax credit did not receive much support for an extension from either party or the President, and was a casualty of the fiscal cliff deal that did extend federal income tax cuts. […]

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Help! Do I Have to Pay Back My First Time Home Buyer Credit

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I recently received the following question from Brian on my post that detailed the many versions of the first time home buyer tax credit: I purchased a home in January 2009. This is my primary residence after having purchased my first home in March 2002. My CPA put me in for the $6500 tax credit, […]

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Pick Your Correct Tax Filing Status To Minimize Taxes

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Selecting your tax filing status is one of the first key steps in filing your federal tax return. Choosing the right status is extremely important because it can affect your filing requirements, standard deduction and eligibility for certain tax credits/deductions. In certain situations picking an incorrect filing status can make the difference between paying taxes […]

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