IRS tax forms

New Baby Tax Filing Tips

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The first thing to consider when filing your taxes with a new baby is your tax status. If you were single before and now support the household, you should file Head of Household instead. The tax brackets are better and the standard deduction is increased for this tax filing status. Here are some additional tax filing tips:

An old Social Security card with the "not... Tax Filing Tips
An old Social Security card with the “not for identification” message (Photo credit: Wikipedia) Tax Filing Tips

Consider informing your rich relative about the gift tax if they are thinking about gifting you over $14,000 for your new born. Normal gifts are not taxable, which is the good news.

Any uncovered medical expenses can be deducted once a 10% floor is applied to the deduction amount based on your adjusted gross income (AGI). To claim your medical expenses, use the long form 1040 and file a Schedule A Itemized Deductions form.

Claiming your … Read the rest about Filing Taxes

How To Use The IRS To Get Free Tax Help

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A lot of people require help when filing taxes. Deciding on the forms to fill, number of dependents and how to claim your tax refund are some of the prevalent concerns that taxpayers face. How do you get free tax help?

However, there exists numerous methods that can be helpful during the process. Below are some of the best techniques and practices that you can employ on top of using TurboTax 2014.

Get Free Tax Help

The IRS website (www.irs.gov) is a one stop shop for tax payers. “1040 Central” is especially beneficial to those who are experiencing difficulties with filing their taxes. It will give you tips, guidelines and a lot of useful information. Moreover, the page has links to other important webpages such as the latest news and FAQs.

Online tools such as the Interactive Tax Assistant and IRS Tax Map can also be useful in giving you solutions to some … Read the rest about Filing Taxes

Free File Makes Tax Filing Easy

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Filing taxes is easy if you take advantage of the arrangement between the IRS and the Free File Alliance, a group of private sector companies producing tax filing software. These companies allow their products to be used for no cost, and over 40 million taxpayers have safely and easily electronically filed their tax return for free using the software. Filing your return electronically and requesting direct deposit when filing taxes is the fastest way to get your tax refund.

Free file
FILED Rubber Stamp (Photo credit: Enokson)

You must go to the IRS website (www.IRS.gov) to use the Free File program and you can prepare, print and then file your tax return once you have chosen a company to work with.

You may be able to find useful tax breaks that you can claim, by using the question and answer format of the Free File software, and the software will do all … Read the rest about Filing Taxes