Do you dread the time of income taxes each year?
Well, if there is one thing to remember during the time of the income tax, to perhaps facilitate the process, remember this: Three of the four taxpayers receive federal reimbursement and direct reimbursement posted an average last year was $ 3.116
Pretty nice tax refund. You do not think?
opportunities for tax savings
you almost as many opportunities for tax savings than last year, thanks to tax changes on fiscal cliff Averting adopted in early January.
in addition to extending the tax rates on income of the Bush era decline for almost all taxpayers, the Tax Relief Act made permanent US dozens of tax breaks or extended.
tax law changes this year included thousands of dollars in tax benefits for families, students and owners working in particular
When you are ready to file your return federal income tax return, monitor these key tax benefits :.
Families
The tax credit for children is a maximum of $ 1,000 per eligible child, and is due to taxpayers with earned income over $ 3,000.
Parents who work or go to school and pay for child care can qualify for the children and dependent persons credit . The maximum amount is $ 3,000 per qualifying dependent and $ 6,000 for two or more eligible dependents under the age of 13.
The earned income credit is for taxpayers working with low to moderate incomes. The refundable credit amount is based on filing status, number of children eligible and income level.
The families of three or more children eligible could get up to $ 5,891.
The Redeemability the adoption credit has expired, but credit is still available and a value of $ 12,650 in eligible expenses for 2012.
College and education
You can deduct up to $ 4,000 for tuition and fees paid in 2014.
the loan repayment students ? You might be able to deduct up to $ 2,500 in interest paid during 2014.
The American Opportunity credit is a maximum of $ 2,500 per student for post-secondary tuition fees , fees and course materials.
contribute to Coverdell education savings account [? You can exempt up to $ 2,000 per student annual contributions.
Homeowners
If itemize your deductions, you may be able deduct mortgage insurance premiums paid during 2014.
The nonbusiness energy property credit for energy efficient home improvements qualified (insulation, exterior doors and windows, central air conditioners, water heaters and other improvements) was extended for 2012 and 2013.
If you claimed this credit on prior year tax returns after 05, you must subtract the collective amount of $ 500 available for 2012.
employees
K grade -12 educators can deduct $ 250 in costs out of pocket classroom .
You might be able to exempt transportation provided by the employer and car benefits of your gross income.
If you itemize and paid for education-related work , there is a deduction for your expenses paid minus the amount of the employer reimbursed.
There are hundreds of other tax benefits to gain on the performance of federal government due April 15 this year
Gather all your tax forms (W-2 , 1099, 1098, etc.), receipts and a copy of the latest first turn of the year. Use a checklist to help determine what information you will need
Photo credit :. Images_of_Money via photopin cc
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