Earned Income Tax Credit – How to Calculate the Credit
The earned income credit (EIC) helps low income taxpayers reduce their federal tax liability. This article and video cover a sample calculation for the 2023 tax year.
Child Tax Credit – How to File with Two Qualifying Children
The Child Tax Credit (CTC) is available to taxpayers with qualifying dependent children. This example covers a family with two qualifying children and how it increases their CTC amount.
Earned Income Tax Credit for 2024 – How to Claim with Two Qualifying Children
The Earned Income Credit (EIC) is a federal tax credit used by families to reduce their federal tax liability. This tutorial examines how to claim the EIC with two qualifying children.
TurboTax Form 1040 Tutorial for 2023 – Step-by-Step Guide
This video tutorial covers a sample Form 1040 (US Individual Income Tax Return) prepared using TurboTax software.
Earned Income Tax Credit – Self-Employed Person with No Qualifying Children
The Earned Income Credit (EIC) is a federal tax credit which helps low to medium income households reduce their federal tax liability. This sample covers how to calculate the EIC for a self-employed person with no qualifying children.
Form W-2 Walkthrough – Example with Form 1040
The IRS Form W-2 (Wage and Tax Statement) is filed by employers to report the wages paid to employees and taxes withheld. This sample Form W-2 walkthrough covers the main elements and how they are reported on Form 1040.
Social Security Income is Taxable – What are the Tax Rules and Limits?
Social security income (SSI) paid to retirees is taxable income. The amount of income that is taxable depends upon how much SSI the individual receives and the amount of income from other sources. This video and article discuss various income scenarios and how much federal income tax is owed.
Tax Refund Updates for 2024 Tax Season – Where is Your Refund?
The 2024 tax season is underway for individuals and businesses filing their 2023 tax return. Here is an update on the tax season so far.
Schedule 1 Form 1040 – Additional Income and Adjustments to Income
Schedule 1 is included with Form 1040 (US Individual Income Tax Return) to report additional income and adjustments to income. This video tutorial covers the basics of Schedule 1 and the most common items seen on an individual tax return.
Schedule 2 Form 1040 – Line by Line Instructions on Reporting Additional Taxes
Schedule 2 is included with a Form 1040 (US Individual Income Tax Return) to calculate and report additional taxes. These additional taxes include the alternative minimum tax (AMT), self-employment taxes, and the excess advance premium tax credit.