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Do You Qualify For The Child Tax Credit?

The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit:

For the Child Tax Credit, a qualifying child must pass several tests:

Age. The child must have been under age 17 at the end of 2015.

Relationship. The child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, or half sister. The child may be a descendant of any of these individuals. A qualifying child could also include your grandchild, niece or nephew. You would always treat an adopted child as your own child. An adopted child includes a child lawfully placed with you for legal adoption.

Tax Scams

IRS AND FREE FILE ALLIANCE REACH NEW AGREEMENT FOR FREE TAX SOFTWARE

The Internal Revenue Service and Free File Inc., also known as the Free File Alliance, today announced a new five-year agreement that guarantees free, federal tax preparation software products for 70 percent of all taxpayers.

The new agreement opens the door for innovations such as importing prior year information and requests for additional options for free state tax returns so that taxpayers have a seamless experience. It also provides greater transparency regarding any charges associated with state tax return preparation.

TAX TIME GUIDE: AUTOMATIC TAX-FILING EXTENSIONS NOW AVAILABLE; USE FREE FILE TO GET SIX MORE MONTHS TO FILE

The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online.

This is the ninth in a series of 10 daily IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as the April 15 deadline approaches.

For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.

INTEREST RATES REMAIN THE SAME FOR THE SECOND QUARTER OF 2015

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2015.  The rates will be:

  • three (3) percent for overpayments [two (2) percent in the case of a corporation];
  • one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000
  • three (3) percent for underpayments; and
  • five (5) percent for large corporate underpayments.

SIX IRS TIPS FOR YEAR-END GIFTS TO CHARITY

Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:

1. Qualified charities. You can only deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you give to is qualified. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. This is true even if Select Check does not list them in its database.

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.  Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting and tax questions and obligations.

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  • Address:DJL Accounting & Consulting Group, Inc.
    Cider Mill Professional Center, Building C-102
    1570 S Canfield Niles Road
    Youngstown, Ohio 44515 
  • Phone:330 779 0781