Find out if the Net Investment Income Tax applies to you. Basics of the Net Investment Income Tax 1. What is the Net Investment Income Tax (NIIT)? The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of…
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What is the Child Tax Credit?
This credit is for people who have a qualifying child. It can be claimed in addition to the Credit for Child and Dependent Care expenses Publication 972, Child Tax Credit Schedule 8812, Child Tax Credit Ten Facts about the Child Tax Credit The Child Tax Credit is an important tax credit that may be worth…
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How do I qualify for Education Credit?
This interview will help you determine if you're eligible for certain educational credits or deductions including the American Opportunity Credit, the Lifetime Learning Credit, and the Tuition and Fees Deduction. There's an additional requirement for a taxpayer identification number (SSN or ITIN) to be valid for claiming the American Opportunity Tax Credit. The "Protecting Americans…
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Hobby Income vs Income from ‘For-Profit’ Business
Anyone who is running a business, generally, does so mainly for earning profits. Well, one may be running it ‘only’ for earning profits. And rightfully so! Such an individual would well be aware that he is required under the state law to do proper accounting for tax purposes. He is required to maintain proper records…
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