August 31, 2016
Tax Goof

Make a Tax Goof? Here’s How to Amend Your Return

Make a Tax Goof? Here’s How to Amend Your Return. It’s very common to make a mistake when filling out tax forms. Fortunately, the IRS makes it easy to file an amended tax return. Here’s what you need to know: Make a Tax Goof? Here is How to Amend Your Return The IRS says that you should amend your federal tax return if you need to correct your filing status, the number of dependents you claimed, or your total income. Deciding to claim additional deductions or tax credits that you left off of your original return also calls for an amendment. In some cases, you may not need to file an amended return. The IRS usually catches and corrects simple math mistakes when processing your return, so realizing you made a simple arithmetic error shouldn’t be a cause for worry. The IRS will also mail a request for any missing information they may need to process your original return. If you need to file an amendment, you’ll need to use Form 1040X and indicate which year’s return you’re amending. Unfortunately, there’s no way to complete this form online, so you’ll have to fill it out in paper form. If you […]
June 29, 2016
Tax Tip: Rules for Home Office Deductions

You May Be Able to Deduct Childcare Expenses

You May Be Able to Deduct Childcare Expenses “You May Be Able to Deduct Childcare Expenses”, If you pay for summer care for your children so you can work or look for a job, you may be able to deduct those expenses on your federal tax return. Here’s what the IRS wants you to know: You can only deduct expenses for the care of a qualifying dependent such as a child under age 13. You must be paying for care so that you or your spouse can work. Qualifying care includes home care, daycare, or a day camp. Overnight camps, summer school tutoring, or care by other dependents does not qualify. You must have earned income in the year in which you incur childcare expenses and the expense limit is $3,000 for one qualifying dependent or $6,000 for two or more. For more information about deductions for dependent care, visit IRS.gov or consult a qualified tax advisor. Tip courtesy of IRS.gov[12] 12 https://www.irs.gov/uac/keep-in-mind-the-child-and-dependent-care-credit-this-summer