It is mandatory on the part of any US citizen to find out the amount that is owed by him in federal income tax and consequently, file a federal tax return, for each year. Filing the taxes can be a nerve wrecking experience for many, however there is no reason to panic. If you are overwhelmed or simply do not have time, take help of our tax experts.
The first prerequisite is to find whether you are required to file an income tax at all. The income for the tax payer has to cross a specified limit. There is a standard deduction that is available, but the amount varies on parameters such as degree of inflation and is decided by the Government, on the onset of the tax filing session.
Majority of the people are expected to pay the taxes, but there are certain low-income earners and children, who are exempted. If you file for an income tax return, you must check the IRS filing requirements, before proceeding any further. Next is the determination of the tax filing status. There is a need to make a choice, when any taxpayer qualifies for more than one tax filing status.
Personal exemptions for themselves and the individuals are earned, when IRS allows the taxpayers to claim the exemption. Personal exemption is similar to standard deduction, reducing taxable incomes. The tax owed by you is decided by the 100 % accuracy of the personal exemption.
The annual income is mostly deduced by simple review of Wage and Tax statements. The calculations become more complicated, when one has worked on multiple jobs. Further the self-employed must spend additional time on the tax filing process.
Tax credits are meant to reduce the actual amount that you owe in taxes. It increases the chances of getting a tax return. There is delay in the processing of the return, when there are mistakes that arise due to miscalculations.
For each qualifying child, there is a stipulated amount of tax credit. This differs from the Child and the Dependent Care Credit.
The Earned Income Tax Credit (EITC) is credit earned by taxpayers with low to moderate incomes. EITC can reduce the taxes and means a return.
There is a maximum credit, when a joint return is filed by a married couple and by other tax payer and the amounts are $800 and $400 respectively.
The eligibility for a Health Coverage Tax Credit is for individuals with Trade Adjustment Assistance (TAA) or whose defined-pension plans were dealt by the Pension Benefit Guaranty Corporation (PBGC), on account of financial difficulties.
The tax services from us are characterized by the unique feature of IRS filing. The tax filing services from MySite is not just for increasing the efficiency or cutting the costs of the tax procedures of the client, but also augmenting a business value for the organization.
The tax returns are filed with such accuracy, that we ensure a good night’s sleep for you. Our fulltime CPA experts have an extensive knowledge on tax preparation and reporting.
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