Individual taxes, Tax Credits
The Child Tax Credit is a credit that is available to eligible parents of children younger than age 17 at the end of the tax year. Individuals who qualify can receive a credit of up to $1,000 per child against the amount of their tax liability. The credit reduces a...
Deductions, Individual taxes
Did you donate some of your household items to charity during the past year? If so, you may be eligible to deduct the value of these items as a charitable contribution on your federal income tax return. The IRS allows taxpayers to claim an itemized deduction for...
Business taxes, Individual taxes
The IRS announced that it started accepting Form 4562 (Depreciation and Amortization) for processing on Sunday, February 10, 2013. Form 8863 (Education Credits) should be ready for processing on Thursday, February 14, 2013. With the addition of these forms, e-filing...
Business taxes, Individual taxes
Through its online service, Where’s My Refund?, the IRS promises to be able to provide you with the status of your return within 24 hours of e-filing. If you file on paper, the status of your return might not be available for 4 weeks after the IRS receives your...
