Is There a Tax Credit for Children?

January 10, 2012 – 10:20

A perfect example is a child tax credit. A child tax credit has the potential to reduce your tax liability, sometimes very significantly. “Tax liability” is a fantastically serious term that simply means “the amount of taxes owed” by a person. In general, the credit has the potential of reducing federal income tax owed by [...]

By Frank Ellis | Posted in Business | Comments (0)

Do You Need an Income Tax Bracket Calculator?

January 5, 2012 – 08:51

Income Tax Brackets Calculator: TurboTax uses the same encryption protection that the banks use so, that should give you peace of mind. If you feel afraid to prepare your taxes online, just keep in mind millions of people do every year with no security breaches at all. Graphical IconsDo you remember when the computer used [...]

By Frank Ellis | Posted in Business | Comments (0)

Can My Computer Be a W4 Tax Form Calculator?

December 30, 2011 – 06:39

Your Employer and your W4 Form If you think April 157h is when you pay your taxes you’re wrong. We are on a pay as we go system and we pay a little each time we receive our check. Your W4 Form lists your exemptions, deductions, and tax credits. This is where you can make [...]

By Frank Ellis | Posted in Business | Comments (0)

Tax Withholding Rate State and Federal Alike

December 27, 2011 – 04:32

Convenience for you, is certainly having reached the information you desired only moments after getting on the internet to find it. How would one have looked up the federal tax withholding rate before google? The number of allowances you claim will either increase or decrease the amount of taxes being taken out of your check. [...]

By Frank Ellis | Posted in Business | Comments (0)

Finding My Own 2011 Tax Estimate Calculator

December 14, 2011 – 05:04

The latest changes to the Alternative Minimum Tax (AMT) are factored in for increased accuracy. 2011 Tax Estimate Calculator – What’s my average tax rate? Want to know the average tax rate you’ll pay on your income? Plug in your income figures and this handy tax calculator will show what percentage of your income will [...]

By Frank Ellis | Posted in Business | Comments (0)

Federal Income Tax Questions about your federal income tax return

November 20, 2011 – 02:36

Federal Income Tax Questions We will begin with filing status and take it from there. Your filing status determines the rate at which your income is taxed. There are five different filing statuses: 1. Single 2. Married filing jointly 3. Married filing separately 4. Head of Household 5. Qualifying Widow (er) with dependent child Once [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Income Taxes Refund Calculators

November 16, 2011 – 04:56

You may have sold your house, had a baby, perhaps you got married. The whole point of using a tax refund calculator is to get an estimate of how much money you will get back as a tax refund or how much money you owe Uncle Sam. What I like about tax refund calculators is [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Tax deductions about vehicles and mileage.

October 22, 2011 – 02:56

You have choices when it comes to tax deductions about vehicles and mileage. You do not have to accept the standard IRS mileage rate because you can choose to calculate your tax return using the actual costs of operating a vehicle. The actual cost choice is a little more labor intensive, but it may be [...]

By Frank Ellis | Posted in Finance, Taxes | Comments (0)

How to claim Child Tax Credit

August 25, 2011 – 02:11

Child Tax Credit If you have children who are under 17 as of the end of the tax year, you can get a $1,000 tax credit per child on your tax return. Because this is a credit, not a deduction, you get to take those dollars right off your tax bill. That makes this much [...]

By Frank Ellis | Posted in Taxes | Comments (0)

College Tax Credit

August 10, 2011 – 10:54

College Tax Credits College Tax credits can provide a great savings for students and their families. There are currently two different programs that allow you to take a tax credit rather than just the regular deductions. Hope Credit The Hope Credit will provide a credit for your first two years of higher education. To be [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Income Tax Mileage Deduction

August 9, 2011 – 11:05

Income Tax Mileage Deduction Don’t Miss Out On The Income Tax Mileage Deduction When tax season comes around it’s always prudent to deduct as much as you legally can. One of the most useful tax deductions is the income tax mileage deduction. You can only deduct specific categories of mileage so you have to keep [...]

By Frank Ellis | Posted in Taxes | Comments (0)

State Unemployment Tax Rate

August 8, 2011 – 13:32

State Unemployment Tax Rate State unemployment tax is a tax that employers pay. The payroll tax usually refers to two different kinds of taxes. Employers are required to withhold these taxes from their employees’ pay. This is also called withholding. The two types are pay as you earn (PAYE) or pay as you go (PAYG) [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Tax Planning Software

August 8, 2011 – 03:26

Tax Planning Software To simplify your tax process whether it is for your personal or small business tax return an online software program may be what your looking for. The following are benefits you will receive using tax planning software. Maximize Your Refund Reduce Tax Liability Reduce Risk of Being Audited Create The Necessary Tax [...]

By Frank Ellis | Posted in Taxes | Comments (1)

Federal Income Tax Refund Schedule

August 7, 2011 – 13:02

Federal Income Tax Refund Schedule Are you wondering when to expect your refund or where your federal refund is? Once you have filed your tax return you will be given a date as to when to expect your return based on the tax refund schedule. This schedule is based on the date range your return [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Your tax rate for Capital Gains Tax Bracket

August 7, 2011 – 12:31

Capital Gains Tax Bracket Capital Gains tax applies if you have a profit when you sell a capital asset, which would include property such as: Stocks, Bonds, Mutual Fund Shares and Real Estate. Your tax rate for a capital gains tax is based on whether your gain was short term or long term. Short-Term Gain: [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Tax Deductible Mortgage Interest

August 7, 2011 – 11:13

Tax Deductible Mortgage Interest If you own your home and have a mortgage it usually pays to take the mortgage interest deduction on your tax return. You can deduct the mortgage interest on you primary residence, your second home mortgage, or a home equity loan. You must meet the following criteria to qualify for the [...]

By Frank Ellis | Posted in Taxes | Comments (0)

What are the Tax Brackets

August 6, 2011 – 02:59

What are the Tax Brackets If you know what tax bracket you fall into then you will be able to estimate the amount of additional tax you’ll pay if your income increases or decreases. Some people think their tax bracket is based on how much money they make from their job but, this is not [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Married Income Tax Brackets

August 6, 2011 – 02:52

Married Income Tax Brackets There are two different married categories for filing your tax return. First of all we have the married filing jointly status and then we have the married filing separately filing status. Married Filing Jointly Well you have to be married and both of you agree to file jointly on your income [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Car Mileage Tax Deduction

August 5, 2011 – 05:57

Car Mileage Tax Deduction With oil prices escalating, and jobs getting more scarce, a lot of Americans are commuting more than twenty miles a day. Well one thing you might want to keep in mind is the fact that miles driven on the road can be deducted on your tax return this year. Your vehicle [...]

By Frank Ellis | Posted in Taxes | Comments (0)

Mortgage Interest Tax Deduction Calculator

August 3, 2011 – 05:36

Mortgage Interest Tax Deduction Calculator Mortgage interest is any interest you pay on a loan secured by a main home or second home. Of course, there are some rules. The loan has to be for the living place you live in. Your living place is qualified if it has cooking facilities, sleeping and toilet facilities. [...]

By Frank Ellis | Posted in Taxes | Comments (0)