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1040Return.com’s blog with tax tips and information regarding tax credits, tax forms, and tax updates/changes.

Contract Employees vs. W-2 Employees

The businesses’ need to cut back on costs and achieve higher operating efficiency has made the idea of hiring independent contractors more lucrative with every passing day. While most [...]

What you can Write-off when you have a Business Start-Up?

Finance is undoubtedly the life-blood of any business venture. But did you know that we need to incur a multitude of expenses before our business is actually up and [...]

PREVENT AN IRS AUDITS FOR SELF EMPLOYED FROM 1040RETURN.COM

If you are self employed and/or a Limited Liability Company with a single share holder and file a Schedule C, this is a must see video. The Schedule C [...]

Home Office Deduction – Everything You Need to Know

When using the Home Office Deduction when you file your tax return on 1040Return.com  you will need to file a Form 8829.  The Form 8829 is used to calculate [...]

How the Affordable Health Care Act will affect my Return

About 6 million of the 7 million people expected to buy health coverage on the new insurance marketplaces next year will be low- and middle-income consumers who’ll receive federal [...]

Top 5 Tax Tips For students starting a Summer Job!

Summer is just around the corner, which means many students will start their summer jobs for extra cash. Here are some useful tax tips every parent or student should know when starting their summer job! 1. How to complete Form W-4 when starting a New Job – This form is used by employers to determine the taxes that will be withheld from their paycheck. A student who is claimed as a dependent of another with income only from summer and part-time employment can earn as much as $6,100 (the standard deduction amount) without being liable for income tax. 2. Tips – Many students work as a waiter or camp counselor over the summer. With these jobs, the student will likely receive tips as part of their summer income. All tip income received is taxable income and is therefore subject to federal income tax. Employees are required to report tips of $20 or more received while working with any one employer in any given month. The reporting should be made in writing to the employer by the tenth day of the month following the receipt of tips. […]

Education Tax Credit FAQS

Many college students are always caught in a balancing act between studying for their courses, working to pay expenses, and all enjoying the social activities that college life has to offer. This is often stressful and overwhelming to some. Well, 1040Return.com wants to help relieve some of this financial burden by recommending the following tax credits below. 1040Return has helped several students receive their maximum refund because 1040 Return only asks you easy to answer questions so you do not ever have to fill out a complicated tax form on 1040Return. American Opportunity Credit Qualifications: Maximum credit: Up to $2,500 credit per eligible student. Limit on modified adjusted gross  income (MAGI) $180,000 if married filing jointly; $90,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable; the rest is nonrefundable Number of years of postsecondary education: Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013Number of tax years credit available. Available ONLY for 4 tax years per eligible student (including any year(s) Hope Scholarship Credit was claimed) […]

Child and Dependent Care Expense Credit

Are you a working parent? Do you have Day Care Expenses? Did you know that you can deduct your child and dependent care expenses? The Child and Dependent Care Expenses Credit is a nonrefundable credit and will reduce the amount you owe on your taxes. About Dependent Care Expense Credit The dependent care credit was extended permanently by the year end 2012 Tax Act. To apply for this credit, working parents will use Form 2441 called Child and Dependent Care Expenses As with all credits there are limitations and rules on who can qualify and what amount you can deduct for the Child and Dependent Care Expenses. Here are some useful guidelines: * Maximum amount you can receive is $3,000 for one child and $6000 for more than one child. (Note: the total limit of $6000 does not have to be divided equally between all the children.) […]

Child Tax Credit Guidelines

The Child Tax Credit for 2013 is still available for families who have a dependent under the age of 17. The Child Tax Credit has been extended through December 31, 2017 by the 2012 Taxpayer Relief Act. […]

5 Tips: Bigger and Faster Refund

If you are expecting to receive a refund, here are a few tips on how to get a quicker refund and how to make sure your taking full advantage of your tax credits and deductions. […]

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