tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero.

The IRS recently issued their Tax Tip 2012-29, which provides some key points about the Child Tax Credit.

The tax guessing game continues because some proposed 2013 tax changes may – or may not –go into effect .  Congress may keep us guessing until the end of this year but it’s clear overall taxes must and will increase. Uncertainty is the enemy of planning, but here are the most [...]

Every year around this time, the IRS issues its list of the top tax scams they’ve seen, as a reminder to taxpayers to use caution during tax season to protect themselves against schemes from identity theft to return preparer fraud.

Have you ever wondered if it was actually necessary to file a tax return? Perhaps your income is relatively low, and so you wonder if it’s really required of you to file a return.

If you are a small business owner and pay an individual or business more than $600 in a year, you (the business owner) will need to send that business or individual a 1099.