This blog series is here to bring you up-to-date tax tips, news, and how to find the best online income tax services.
Don’t miss out on tax breaks you may need for your vehicle. The mileage tax deduction rate is one of the tools used to help reduce the tax burden when your vehicle is used for business purposes.
This IRS mileage deduction is especially important for tax payers such as independent contractors and entrepreneurs.
What is the Affordable Care Act?
There has been a lot of confusing when it comes to the Affordable Care Act, also known as Obama Care. I’m going to provide you with some essential information about the program and how it works.
ATTENTION: RECENT CHANGES TO TAX LAW HAS AFFECTED THE ACA!
Beginning in 2014, if you were a U.S. citizen or legal resident alien then you and your dependents were required to have Minimum Essential Health Care Coverage, have a health coverage exemption, or make a Shared Responsibility Payment (penalty or ISRP) with your tax return under the Affordable Care Act.
You may be wondering, what are Tax Exemptions?
Tax exemption is a monetary amount given to help reduce your taxable income. Usually, you can deduct a specific amount for each exemption claimed for that particular tax year.