Many taxpayers with children are eligible for a child tax credit (CTC) when filing their annual Form 1040. However, the CTC is subject to phaseouts if the taxpayers' income exceeds certain thresholds.
If an individual runs a sole proprietorship business, they are generally considered self-employed for federal tax purposes. Self-employed persons with income over certain thresholds must file a Form 1040 tax return to report their SE income.
Taxpayers with qualifying children can generally claim a child tax credit (CTC) when they file their annual tax return. One of the most common questions each year is "Do I Need Income to Claim the CTC?"
This article discusses how and individual can enter their capital loss carryovers into TurboTax. It's important individuals track these carryovers to be able to use them against future capital gains.
Passive royalty income is generally treated as portfolio income and reported on Schedule E of an individual's Form 1040 tax return. This article reviews the steps to enter royalty income into TurboTax.
If an individual invests in a publicly traded partnership (PTP) which reports their allocable share of the income. The individual uses this information to complete their own Form 1040 tax return.
The PATH Act is a piece of U.S. legislation which prohibits the IRS from issuing tax refunds before a certain date if the taxpayer claims either the Earned Income Credit (EIC) or Child Tax Credit (CTC). This article discusses the details...
An eligible taxpayer can claim a CTC if they have a qualifying child. If a CTC claim is denied, the IRS may send the taxpayer a CP79A notice.
Tax refunds for individuals may change from year to year. Many factors impact the amount of your tax refund, and this article discusses some of those factors, and why your tax refund may be lower than it was last year...
Tax refunds are on the way! An update on the 2023 tax season.
