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Tag: Tax Preparation Service

Tips for a Stress-Free Tax Season

Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn’t have to be. Here are six tips for a stress-free tax season. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your […]

Tax Due Dates for December 2017

December 11 Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 15 Corporations – Deposit the fourth installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. Employers Social Security, Medicare, and withheld income tax – If the monthly deposit rule applies, deposit the tax for payments in […]

Reduce Your Taxes with the Child Care Tax Credit

If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed. Here are 12 facts you should know about this important tax credit: Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent […]

Foreign Tax Credit – Choosing To Take Credit or Deduction

Making the Choice You can choose each tax year to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction. You can change your choice for each year’s taxes. To choose the foreign tax credit, you generally must complete Form 1116, Foreign Tax Credit and attach it to your U.S. tax return. However, you may qualify for an exception that allows you […]