The Hope Scholarship Education Tax Credit for 2011 increases to $2,500 per student. The credit is gradually reduced if your modified adjusted gross income is between $80,000 and $90,000 ($160,000 and $180,000 filing a joint return). Now there are always exceptions to the rule and it’s no different when it comes to the Hope Scholarship [...]
You must meet the following requirements to be eligible for the 2011 earned income tax credit: You must be married and filing jointly, head of household, qualifying widow, or single. If married, you may not file separately. Qualifying children must be under 18, or full-time students. Household members must have valid Social Security numbers. You [...]
Just how easy is it to take advantage of a tax refund estimator in 2011? Changes in your life-like a salary or job change, new house or car, or additions to your family-might affect your refund. This tax calculator helps you determine how much you are likely to pay in taxes for 2011 or how [...]
People are responsible for researching the availability of new tax credits for themselves. Most taxpayers will be looking at all the possible savings and new tax breaks they can possibly be eligible for. This law was passed on November 6, 2009. There’s more to this new tax break, if you owned a primary home for [...]
2011 Tax Forms: If you visit the IRS website and look at Publication 505 you will see all sorts of examples of life and financial situations when it’s okay to claim exempt from withholding. I would give you the details of the exact amounts and situations, but that would end up being a book and [...]
All of us have wondered about Tax Estimators. Your employer must give you duplicate copies of your 2011 W-2 tax form by January 31, 2012. This is a statement of all of the wages you have earned for that year, the withheld income and the Social Security tax. If you no longer work at your [...]
Choosing between a standard deduction and an itemized deduction can be a difficult decision for many of us. The standard deduction makes preparing taxes a lot easier, it’s possible that it might not give you the highest amount of deductions possible. As such, you have to figure out which method will help you save more [...]
Tax Refund Calculator Instructions You will start off by entering information such as, filing status, age, income amount, withholding amount, state withholding and unemployment income. This information will be on your W-2 tax form, or other tax forms. If you are married filing jointly, then your spouse will need to answer the same questions. After [...]
I can’t believe that it is almost tax season already. Last year, I used turbotax to prepare my taxes, and for my 2011 income taxes, I’m planning on using turbotax 2011 because I thought the software was really great. I remember that I did not have to do much in order to prepare my taxes. [...]