Month: March 2015

Archive for March 2015

Who Should File a 2014 Tax Return?

Most people file a tax return because they have to, but even if you don’t, there are times when you should because you might be eligible for a tax refund and not know it. This year, there are a few new rules for taxpayers who must file. The six tax tips below should help you…

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Can You Take the Earned Income Tax Credit?

Since 1975, the Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break each year. Four out of five eligible workers claim EITC. Wondering if you can too? Here’s what you should know about this valuable credit: 1. Review your eligibility. If you worked and earned under $52,427 in 2014,…

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Penalty Relief: Overpayment of ACA Tax Credits

Beginning in 2014, an eligible individual or family member covered under a qualified health plan through a Health Insurance Marketplace (Exchange) is allowed a premium tax credit. The premium tax credit offsets the cost of premiums paid for healthcare coverage in a qualified health plan. It is unusual in that taxpayers are able to take…

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Using a Car for Business? Grab These Deductions

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage deduction in 2014 and simply multiply…

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Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2014 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed last December taxpayers filing their 2014 returns can still deduct either state income tax…

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