Tag Archives: tax year 2016

Withholding Calculator Frequently Asked Questions

Withholding Calculator Frequently Asked Questions Q: Should all employees check their withholding? A: Yes. Employees should check their withholding at the beginning of each year or when their personal circumstances change. It’s even more important this year for people to do a “paycheck checkup” following the changes in the new tax law. With the new…
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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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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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Standard deduction versus Itemized deduction what is the difference?

Six Facts about Choosing the Standard or Itemized Deductions When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax. Whether to itemize deductions…
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