If you have no income you may wonder if you can get a tax refund. Generally, you can, but it does depend on the type of return you are applying for. For example, if you have a tax credit for children, you can receive a bigger return. You may also be able to claim the ...
When you receive a letter from the IRS or a debt collection agency advising you that your debts have been sent to collection, you’ll likely want to know what to do. Luckily, there are a few steps you can take to avoid being hit with debts you can’t pay. Installment agreement If you are unable ...
When you are filing your tax returns, you will find that there are several issues that you will need to deal with, such as how long to keep tax records. This is a very important topic to make sure you know, since it can help you to avoid a lot of headaches. You should always ...
Are you aware of how long a late payment stays on your credit report? If you are, you might want to take some steps to avoid this situation from happening again. There are a few options for avoiding this problem, such as writing a goodwill letter and negotiating with your lender. Negative accounts can stay ...
Earned income tax credit The Earned Income Tax Credit (EITC) is a federal tax credit that helps people with low to moderate incomes get out of poverty. It is refundable, meaning that if you don’t claim it, you can get money back from the IRS. EITC is designed to lift millions of Americans out of ...
The IRS has a variety of forms that you can use to report income for your self-employment business. They include Schedule SE, Form 1099-MISC, and W-4. You should familiarize yourself with these documents before filing your taxes, as they can affect your tax refund. W-9 The IRS Form W-9 is an essential tool for self-employed ...
You can learn about long term and short term capital gains taxes from this article. The short term capital gains are taxed at the same rate as income earned from investments that are held for less than a year, and the long term capital gains are taxed at a lower rate than income earned from ...
If you have just had a baby and want to claim the child tax credit, you’ll need to know how to add your newborn to your child’s tax credit. There are a couple of different ways to do this. Adding a newborn A new baby comes with a new tax break. You can claim a ...
Are you looking for a way to get a sense of how much interest charge you’ll be charged on purchases you make? Here are some tips to help you find out. Calculating interest charges on purchases When you use your credit card, you are not only charged for the purchase but also for interest. The ...
When it comes to your taxes, how long do you have to pay them? What will happen if you don’t? If you are paying your taxes late, what is the penalty? And how do you get a payment plan? Those are all questions you want answered before you file your tax return. Payment plans If ...