Tax Impact of Having Children

There are numerous tax advantages to having children that the IRS has provided. If you have children you can begin claiming them as dependents the year they are born. This immediate tax deduction helps offset some of the additional expenses you will face as a parent. There are other credits and deductions to consider too.

The Child Tax Credit is available for dependents up until the age 17. And once you have received the full benefit of the Child Tax Credit you can file for the Additional Child Tax Credit. This Additional Child Tax Credit … Read the rest

By Steve | Posted in tax credit, tax filing, tax tips | Also tagged additional child tax credit, Child, child tax credit, coverdell education savings, coverdell education savings account, earned income credit, IRS, kiddie tax, Tax, tax advantages, tax deduction, taxact | Comments Off

Benefits of e-Filing Your Return

January 12, 2010 – 5:31 pm

Benefits of e-Filing Your Return

Last year nearly 67% of federal tax returns were submitted to the IRS by electronic transfer, or e-file. The IRS likes tax returns to come in electronic format as it is easier for them to process and recently provided a list of benefits for you to consider.

The speed with which your return can be sent, processed, and a refund sent to you is much better when you file your federal return electronically. The IRS is also able to correct your information if there happens to be a missed calculation on the return. Ten days … Read the rest