Reduce Your Taxes with the Child Care Tax Credit

Archive for February 2016

Reduce Your Taxes with the Child Care Tax Credit

If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed. Here are 12 facts you should know about this important tax credit: Child,…

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Updated Withholding Tables for 2016

Updated income-tax withholding tables for 2016 have been released. The newly revised version contains percentage method income-tax withholding tables and related information that employers need to implement these changes. In addition, employers should continue withholding Social Security tax at the rate of 6.2 percent of wages paid. The Social Security wage base limit remains at…

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Missing Your Form W-2?

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2015 earnings and withheld taxes no later than February 1, 2016. If mailed, allow a few days for delivery. If you do not receive your Form…

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Job Search Expenses May Be Deductible

New year, new job? If you’ve decided it’s time to move on from your current position and look for a new one, you may be able to deduct some of your job search costs. Here’s what you need to know: Same Occupation. You can’t deduct expenses for a job search in a new occupation; your…

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