After you’ve figured your federal taxes for 2006, it’s time to file that paperwork away and get started on your state taxes. Here’s some helpful information as Indiana residents begin to fill out the paperwork this year. Know Your Deductions State deductions can vary slightly from federal deductions, so make sure you cover all of ...
You generally have to file an Illinois state income tax return if you were a resident of Illinois, either for the entire year or part of the year and your income is more than the exemption amount in Illinois. You also have to file a tax return in Illinois if you were not a resident ...
When you lose your job and find yourself unemployed, income taxes may not be the most important thing on your mind. But during this difficult time, it is important to be aware of the different income tax aspects of your present situation, and the tax consequences of different courses of action you can take, in ...
Getting audited by the IRS is stressful, to say the least. You follow the rules for filing your taxes, and you even take a second and third look a them. You stress that you may not have done it right. You get the letter that they have been accepted, only to get part of your ...
Most of us live our lives as they come, and then hope for the best at tax time. Sometimes our lives are more messy than we (or the IRS) would like. Enter the option for “Married Filing Separately”. As a married person,I had been curious about this in the past, and wondered if it would ...
Each year billions of dollars are distributed to millions of low-income working families in America, to help them make ends meet. This is called a refundable credit, which means you don’t have to first pay in taxes to qualify. To qualify for the Earned Income Credit you must: Have a valid Social Security Number. You ...
There are certain conditions that must be met in order to be able to use one of the simpler forms – either the 1040EZ or the 1040A. These conditions generally refer to filing status, level and source of income, and which tax benefits are being utilized. Form 1040 is the general form that applies to ...