Feb 12 2018

Five Things to Remember About Exemptions and Dependents for Tax Year 2017

By GCOCPA Administrator No Comments

Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2017 tax return. While each is worth the same amount, different rules apply to each type.

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Jan 23 2018

Many Hurricane Victims Qualify for Earned Income Tax Credit

By GCOCPA Administrator No Comments

WASHINGTON – The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC). According to the IRS, many people whose incomes dropped in 2017 may be eligible to choose a special option for figuring the EITC, a credit for low- and moderate-income workers and families.

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Recent Posts

Avoid the Rush; Some Taxpayers May Need Prior-Year Tax Data
Five Things to Remember About Exemptions and Dependents for Tax Year 2017
To Help Taxpayers, IRS Clarifies Some Common Early Filing Season Myths

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