Dec 26

Miscellaneous Tax Deductions

Miscellaneous Tax Deductions Important: All miscellaneous deductions subject to 2% of your AGI are eliminated for Tax Years 2018-2025. We will keep this information for 2017 and earlier Tax Returns, as well as for 2026 and later Tax Returns. For Tax Years prior to 2018, you can only claim miscellaneous deductions on your tax return if you […]

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Dec 26

Tax Exemptions for 2019 Have Been Discontinued

Tax Exemptions for 2019 Have Been Discontinued You will no longer be able to claim tax exemptions for Tax Year 2019 tax returns due on April 15, 2020 as a result of the 2018 tax reform. Instead, the standard federal deductions have increased significantly. When you prepare and eFile your 2019 Tax Returns, you can be […]

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Dec 26

Qualifying Relative as a Dependent

Qualifying Relative as a Dependent You can claim someone as a dependent on your tax return if, according to IRS rules, they are a Qualifying Relative – Boyfriend, Girlfriend etc. –  or a Qualifying Child. To find out if someone is your qualifying relative, simply use our “RELucator” tax tool! Once you answer a few simple […]

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Dec 26

Tax Credits for Energy Efficient Home Improvements

Tax Credits for Energy Efficient Home Improvements There is one energy tax credit currently available for 2019 Tax Returns: the Residential Energy Efficient Property Credit. You may claim this nonrefundable tax credit on your return if you have any of the following properties placed in service through December 31, 2021 listed below. This means that not only can you claim the […]

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Dec 26

Tax Deductions for Educator, Teacher Expenses

Tax Deductions for Educator, Teacher Expenses We at eFile.com are pleased to recognize, thank, and reward teachers, educators, and students during the 2020 tax season. Therefore, all Free Basic Edition Tax Returns are free and all other Returns are 50% off. If you eFile your taxes on eFile.com with a valid .edu email address, enter promo […]

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Dec 26

Charity Contributions, Gifts As Tax Deduction

Charity Contributions, Gifts As Tax Deduction For a taxpayer to take a tax deduction for a charitable contribution there are two deduction methods: itemized deduction and the standard deduction method. A comparison can be found here: compare standard versus itemized deduction. A standardized deduction is a fixed dollar amount you are entitled to deduct from […]

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Dec 26

Premium Tax Credit Form 8962

Premium Tax Credit Form 8962 Important Update – You will no longer pay a penalty on your 2019 return if you did not have health insurance in 2019. You are no longer required to report your health insurance on your return UNLESS you or a family member were enrolled in health insurance through the Marketplace […]

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Dec 26

Foreign Earned Income and U.S. Tax Returns

Foreign Earned Income and U.S. Tax Returns The rules for filing a United States, U.S. tax return generally apply to you if you are a U.S. citizen or resident alien (Green Card Holder) and you live and/or work in a foreign country. When you start a free tax return on eFile.com, you do not have to think about […]

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Dec 26

Maximum Retirement Plan Contributions

Maximum Retirement Plan Contributions Do you and/or your employer make contributions to a retirement plan such as an IRA, 401k, 403b, SIMPLE, or SEP plan? What exactly do we mean when we refer to retirement plan contributions? Retirement plan contributions consist of the money paid into the account by employees, employers, and the self-employed. When […]

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Dec 26

2019 Estate and Gift Taxes

2019 Estate and Gift Taxes The Gift Tax and Estate Tax laws are some of the most complicated the IRS has to offer. But don’t worry; due to the Gift and Estate Tax exclusions, these taxes currently affect only the wealthiest 2% of Americans. If you do have to pay Gift Tax when you prepare and e-File your tax return […]

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