Category Archives: Tax Relief

Here’s What Taxpayers Should Know about Penalty Relief

The following article is from the IRS. Taxpayers who make an effort to comply with the law but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties. After receiving a … Continue reading

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What is a 529 Plan?

A 529 plan is a specialized investment account that was created to help families save for future college expenses. This can be for a traditional 4-year college or university, or even a community college. The tax benefits of these accounts … Continue reading

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Missed the tax deadline and owe tax? File by June 14 to avoid higher late-filing penalty.

Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will usually face a higher late-filing penalty. For that reason, the Internal Revenue Service urges affected taxpayers to avoid the penalty increase … Continue reading

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Special tax benefits for armed forces

Members of the military and their families are often eligible for certain tax breaks. For example, members of the armed forces don’t have to pay taxes on some types of income. Special rules could also lower the tax they owe … Continue reading

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Earned Income Tax Credit-Get It Right

If you are one of many Americans who earn a low to moderate income, you may be eligible for a tax credit that can increase your tax refund. This credit is known as the Earned Income Tax Credit, or more … Continue reading

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Five Things to Remember About Exemptions and Dependents for Tax Year 2017

The following article was published by the IRS. Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able … Continue reading

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