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Reporting Foreign Income: Eight Tax Tips from Universal Tax
Did you receive income from a foreign source in 2015? Are you a U.S. citizen or resident who worked abroad last year? If you answered ‘yes’ to either of those questions, we have eight tips to keep in mind about foreign income. By law, U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts and foreign bank and securities accounts.
Six Tips You Should Know about Employee Business Expenses
If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are six other facts you should know:
Reporting Health Care Coverage, Exemptions and Payments
When you file your federal tax return, you will need to report minimum essential coverage, and report or claim a health care coverage exemption for any month without coverage for everyone on your tax return. When you file your tax return, you are required to make a payment for the months that you and any family members do not have minimum essential coverage or a coverage exemption.
Here’s the 4-1-1 on Calculating an Individual Shared Responsibility Payment
The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment for months without coverage or an exemption when you file your federal income tax return.
Keep in Mind the Child and Dependent Care Credit this Summer
Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit:
Check Your Tax Withholding this Summer to Prevent a Tax-Time Surprise
Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on your taxes. Bring the taxes you pay closer to the amount you owe. Here are some tips to help you come up with a plan: