Five Overlooked Tax Breaks for Individuals

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Five Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2015 tax return? You’re not alone. Here are five tax breaks that you won’t want to overlook. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed in December, taxpayers filing their 2015 returns can still deduct either state income tax paid…

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Exemptions and Dependents: Top Ten Tax Facts

Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return. 1. Exemptions Cut Income. There are two types of exemptions.…

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The Individual Shared Responsibility Provision

The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or pay a shared responsibility penalty for any months without coverage or an exemption when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this…

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Who Should File a 2015 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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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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ALEs: Information Reporting and Health Coverage

The Affordable Care Act requires applicable large employers (ALEs) to file information reporting returns with the IRS and their employees. ALEs are generally those employers with 50 or more full-time employees, including full-time equivalent employees in the preceding calendar year. The vast majority of employers are not ALEs and are not subject to this provision.…

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Tax Brackets, Deductions and Exemptions for 2016

More than 50 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2016. Let’s take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds $415,050 ($466,950 for married taxpayers filing a joint return), up…

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