Taxes

What is the Earned Income Credit and how much can you get back?

The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. The credit reduces the amount of tax you owe and may give you a refund. To qualify, you must meet the following criteria: 1. You, your spouse (if applicable), and all listed qualifying children must have social security numbers;2. …

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What Students Should Know About the Tax Cuts and Jobs Act Law

Good news students… the implementation of the Tax Cuts and Jobs Act Law did not change the student credits. You may know this as the American Opportunity Credit, the Lifetime Learning Credit and the Student Loan Interest Deduction. Not so good news… the Tuition and Fees Adjustment was completely removed. Before the law changed, you were allowed to adjust your …

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Filers Who Itemize: New Limitation to Taxes You Can Claim

The Tax Cuts and Jobs Act Law limits the amount of state and local taxes (SALT). You can claim to $10,000 per year (or $5,000 if married filing separately) if itemizing your deductions on your 2018 return. Previously, there was not a dollar limitation on the amount of state and local taxes you could claim. Other than the general …

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Are you still on the hook to have health insurance?

With the implementation of the Tax Cuts and Jobs Act bill, there were some important changes to Affordable Care Act. What you may refer to as ObamaCare. The biggest misconception of the new tax law is that the mandate to have health insurance was eliminated effective 2018. This is both right and wrong. According to the IRS, ObamaCare continues …

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Know This Before Applying for a Refund Anticipation Loan

The IRS is accepting tax returns starting today, January 27, 2020. It’s understandable that taxpayers who expect a refund want their money fast. That’s why a refund anticipation loan (RAL) seems like a desirable option. When you want to get your refund as quickly as possible. A RAL is a loan offered by some tax preparers to taxpayers who …

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Self-Employed: Are you claiming all of your expenses?

If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return. Do not fret, though. We will break down the …

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In Texas, SaaS and cloud computing are taxable

In some ways, Texas comptroller statutes are crystal clear about which goods or services require the collection of sales and use tax. However, when it comes to SaaS, cloud computing, and electronically downloaded software, the rules become more complex. When do you need to collect sales tax on these types of transactions? Here’s what you need to …

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Are you deducting the business use of your home on your tax return?

Do you use your home for your business? Do you want to claim the expenses associated with this business on your tax return? Like any corporation, you can claim a deduction for the use of space used for business, even if it’s in your home. If you are a bookkeeper, hairstylist, graphic designer, massage therapist, virtual …

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7 Things You Need to Know About the R&D Credit for Your Startup

Tax time is here! As a taxpayer, both for your personal finances and for your business, you probably want to take advantage of every credit and incentive possible. There are lots of incentives for larger firms that are well-known, so as a smaller startup, you may think that you’re not eligible for much. But there’s …

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What You Should Know Before Paying For Your Next Tax Return

Why are taxes so complicated? They aren’t, but TurboTax, H&R Block, and the rest of the tax preparation industry want you to believe that they are. With the right tools, 90 percent of tax filers can complete their tax return in 10 minutes or less. Yet, the big tax preparation companies want you to think taxes are …

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