Earned Income Credit
IRS Announces Annual Inflation Adjustments
Each year, the eagerly anticipated inflation adjustments are released by the IRS. Included in the annual inflation adjustments for 2013 are the following: • Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of … read more
Married Filing Jointly or Married Filing Separately?
Is it more advantageous for married couples to file income tax returns jointly or separately? Unfortunately, the answer is not as simple as it may sound. When filing separately, some credits and deductions are not allowed. These include earned income … read more
When Does a Student Need to File a Return?
If you are an unmarried dependent, you must file a tax return if your earned and/or unearned income exceeds certain limits. Earned income includes salaries, wages, tips, professional fees, and taxable scholarship and fellowship grants. Unearned income includes taxable interest, … read more