ExpressTaxRefund

ExpressTaxRefund.Com Gives Advice on Education Tax Credits

LogoEducation tax credits can reduce taxes owed dollar for dollar. Both the American Opportunity Credit and the Lifetime Learning Credit may be claimed for education expenses including tuition, fees, textbooks, supplies, and equipment required for classes. Expenses such as student insurance, transportation to the educational institution, and personal expenses cannot be claimed for the purposes of either credit.

ExpressTaxRefund.com Offers Tips on Claiming the Child and Dependent Care Credit

LogoIf someone has paid for the professional care of a disabled adult dependent, or if he/she has paid for childcare for a qualifying dependent child who was 12 years of age or younger, he/she is probably eligible to receive a significant tax credit – the Child and Dependent Care Credit. This tax credit can earn someone – dollar for dollar – up to 35 percent of the expense of the care he/she paid for, during the tax year.

ExpressTaxRefund.com Gives Advice on Claiming Dependents on One's Tax Return

LogoClaiming dependents – whether children or adult relatives – on someone’s tax return can provide significant tax benefits to him/her. Each qualifying dependent someone claims is an additional personal exemption. Qualifying dependents of the correct age and relationship to someone may also make him/her eligible for a number of different tax credits, which can save him/her money dollar-for-dollar. These credits include:

ExpressTaxRefund.com Advises on How to Choose One's Filing Status

LogoTax rates and the standard deduction amount that someone can take, are both based primarily upon the tax filing status that he/she chooses. Someone’s filing status depends upon his/her marital status on the last day of the tax year, as well as whether or not he/she has a qualifying dependent (for Head of Household status).