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Tax Relief for Victims of Natural Disasters

Hurricane Effects
Tax relief will give you the break you need.

There are few calamities that compare to the damage and loss of a natural disaster.  Hurricane Harvey forced thousands of residents from Texas out of their homes and left stranded without power and clean drinking water. Similarly, residents of Florida had to evacuate coastal areas due to flood zones. These events can leave families in a wreck, taking years to recover from. As horrific as these events can be, the IRS provides tax relief for taxpayers living in disaster areas.

Read on to learn more about how the IRS handles tax reliefs and find out if you qualify.

What is a natural disaster?

According to the IRS, a natural disaster is a nature-related event. Usually, these events are hurricanes, floods, earthquakes, and tsunamis. However, there are more. Nonetheless, it was surprising to find mine cave-ins and sonic booms on the list!

Do I qualify?

Continue reading “Tax Relief for Victims of Natural Disasters”

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Do I Claim Zero, One, Two W-4 Allowances?

The last thing you want to do is frantically run up to your boss asking “How many allowances do I claim on my W-4?”.

Being aware of the number of allowances you are claiming on a Form W-4 [Employee’s Withholding Allowance Certificate]  is important for a variety of reasons. Most importantly, the number of allowances you claim on a W-4 determines the following;

  1. how much tax will be taken from your income (aka the withholding amount)
  2. the size of your tax refund

Steps to filling out a W-4

You’ll need to follow four simple steps when filling out your W-4 Form:

  1. Fill out your personal information (Name, Date of Birth, Address, Marital Status)
  2. Know the number of personal and dependency exemptions you are claiming on your tax return.
  3. Based on the number from step 2, use that number to help determine your number of allowances.
  4. Don’t forget to sign the W-4 and turn it into your employer!

The allowances you claim while filling out a W-4 if you are single will differ from the allowances you claim if you are married or have kids.  Continue reading “Do I Claim Zero, One, Two W-4 Allowances?”

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5 Reasons You’ll Want to File a 2015 Tax Return

Having trouble deciding if you should file a 2015 tax return?

Many people dread filing their tax return each year; so much so that they put it off until they convince themselves that it isn’t even really necessary. Tread carefully when making this decision. Below are five reasons that you may want to file a return this year…even be excited to (imagine that!).

1. You are not a rule-breaker.

Not sure if you want to or even need to file a tax return at all for 2015? Generally speaking, there are three main factors, according to the IRS, that determine whether or not you need to file. These are your:

  • filing status
  • age
  • income

Continue reading “5 Reasons You’ll Want to File a 2015 Tax Return”