Popular Individual 2014 Tax Credits Revealed at File My Taxes Online
Tax specialist Frank Ellis now unveils the popular tax credits for individuals via the File My Taxes Online blog; designated by Congress, these enable people to deduct various amounts from the taxes they owe.
(firmenpresse) - November 8, 2014 – Tax credits are available to individuals and businesses and the File My Taxes Online website now explains how individuals can take advantage of some. Popular Individual Tax Credits starts with an explanation of how a deduction works with a person’s taxable income. Author Frank Ellis explains while some credits are for specific purposes, individual business owners may be at a double advantage.
Congress has extended many credits passed in 2013, benefiting tax payers according to the article. The author also touches briefly on income limits and then explains how to enter the total amount owed and claim credits on Form 1040. A little more about how tax credits work is discussed before the article goes on to detail some of the more common credits that people claim.
Highlighted items include the Earned Income Tax Credit, which is intended for working families earning below a certain level of income. The author reveals the recent extension of this credit by Congress. Next, the Child Tax Credit, for individuals with kids under 17, is explained along with exemptions and restrictions. It was also extended by the American Taxpayer Relief Act of 2012.
Created to assist with paying for post-secondary education, the American Opportunity Tax Credit enables students to claim tuition, enrollment fees, as well as education-related expenses that may come from dependents. The article mentions other provisions of this credit as well.
A few other individual credits are listed, such as the adoption credit and foreign tax credit, suited for those who work and live in other countries. Other deductions are available for home renovations related to energy efficiency. Taxpayers can also seek credits if they drive alternative fuel vehicles.
The author closes by stating people can take advantage of as many credits as possible and not have to pay as much to the IRS. TurboTax online software is also mentioned as a tool for understanding tax credit entitlements.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 800 articles on the Internet.
CONTACT INFORMATION
Frank Ellis
File My Taxes Online
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: http://filemytaxesonline.org/
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Datum: 08.11.2014 - 06:05 Uhr
Sprache: Deutsch
News-ID 350880
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Contact person: Frank Ellis
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Accounting, Audit and Tax
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type of sending: Veröffentlichung
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