According to the IRS one in every four eligible taxpayers do not claim their Earned Income Tax Credit (EITC). This often overlooked tax credit is also one of the largest credits available to taxpayers. This year, the maximum EITC is $6,143 and that is a LOT of money to leave on the table.
If you are over age 70 and a half, the IRS requires you to take a required minimum distribution known as an RMD from your IRA each year.
The Center for Public Integrity has broken new ground by publishing a months-long investigation into the public relations and influence-peddling spending conducted by Big Business trade associations between 2008-2012.
We're talking about something that requires far harsher condemnation. By lying about the numbers, Republicans are selling policies that take from the most vulnerable and give to the most fortunate.
Although Form 1095-A is another new frontier in the ACA consumer experience, using effective tools and implementing robust processes can help ensure that the impact is not a negative one.
We receive some of the most sensitive, potentially damaging mail deliveries of the year during these post-holiday months, and a wayward envelope during tax season can wreak immense financial havoc.
It's called the "retirement saver's tax credit," and it's a frequently overlooked credit that's available to low and moderate-income individuals and families who make saving for retirement a priority. Here's how it works.
At the start of every New Year, many make resolutions and most having every intention of keeping them. However, as the days and weeks pass they often are forgotten or set aside, replaced with the activities of everyday life!
Even Obama's supporters sometimes express frustration because the president has refused to act for the sake of acting, shoot from the hip, or jump to conclusions. His approach, no matter the issue, has been measured, studied, thoughtful, cerebral and yes, lawyerly.
So give yourself one final gift this year and consider your taxes as you do what you normally do during the end of the year and the holiday season. A bit more attention to the tax rules and possibly tweaking what you do, might give you a bigger refund at tax time.
Consider these the early slush of the coming Republican winter, the first returns on investment for their donors. Tucked into the 1,603-page bill to fund the government -- that no legislator will read -- are cankerous riders, foreshadowing what is to come.
Errors in the CTC and the Earned Income Tax Credit (EITC) -- another working-family tax credit -- need to be reduced (as do errors related to small businesses and various other groups of tax filers). But the debate around this issue often is misleading and ignores three significant points.
By having all your documents in one place, you are one step closer to filing your return. Remember my first rule of tax return time? The earlier you file, the sooner you will get your refund!
The Freedom From Religion Foundation has sent a letter to the IRS urging them to investigate Ken Ham's Ark Encounter. The letter alleges that Ham has continuously attempted to run a for-profit business behind his non-profit in order to benefit from as many tax breaks and discriminatory practices as possible.
The mid-term elections are over, but -- as of this minute -- Congress has not tackled extending some tax breaks, i.e. that collective group known as the "Tax Extenders", which we address seemingly every couple of years.
Do your best to get it right. If you do, great. If you don't, admit you got it wrong, fix it, even if hard, and try harder next time. And we should reward journalists and press outlets that are practicing good, honest journalism.