Being a military member comes with all sorts of financial complications and benefits. Military members can take advantage of a separate retirement system. And they get a variety of tax breaks and benefits. But all of those tax breaks can also be confusing when it comes to filing your taxes.
If you’re a wage earner but not making much money, you may qualify for the Earned Income Tax Credit (EITC). This is a tax credit that helps offset the cost of Social Security taxes for low-wage earners. If you qualify for the EITC, you’ll need to fill out tax form Schedule EIC and attach it to your form 1040 or 1040A.
Form 1040A is where you compile all the important information from a host of other forms your tax preparer or tax software helps you fill out. This form is more streamlined than the full Form 1040, but it’s not as simple as Form 1040EZ.
Virtual currency is treated like property for tax purposes. So principles that apply to property transactions, like buying or selling a home, also apply to buying, selling, and using virtual currency like Bitcoin and other cryptocurrencies. So what does that actually mean as far as your taxes go?
This is one of the three forms you can use to file your federal income taxes. The other two--1040 and 1040A--are for more complicated scenarios. But if you qualify, you can file your taxes pretty quickly with 1040EZ.
Donating your used clothes, household items, or even vehicles is a great way to declutter. But there are special rules when it comes to deducting these items on your tax returns. Here's how to value non-cash donations at tax time.
Find out how to determine whether taking the standard deduction or itemized deductions is best for you. Updated for the new 2018 federal tax changes.
Missing a tax form? It's no fun when preparing your tax return if you are missing a W-2, 1099 or other IRS tax form. Here's what you can do about it.
Preparing your tax returns can be a challenging and expensive. To solve both problems, here is a list of free tax preparation help.