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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

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How Many Kids Can You Claim on Taxes?

Kids are great! But they can be taxing…in more ways than one.

Growing up, my parents would always give me an increase on my allowance around April. They would say it was to teach me how to budget my money. Not to sell out my parents or anything but now I know that they were able to give me a little extra once a year because they were getting more back from the IRS after filing and claiming me as a dependent.

Let’s just say, those little bonuses stopped once I began filing my own taxes.

Is there a limit to how many dependents I can claim on my tax return?

No, there is no maximum amount of dependents you’re allowed to claim on your tax return. You can claim all dependents who are qualified child dependents according to IRS rules. Consider it a token of appreciation for supporting the ever-increasing costs of diapers, astronomical college tuition fees and for simply putting food on the table each night.

What qualifies a child as my dependent?

You may see this question to have a simple answer if you are married parents filing a joint return. However, for single parents, married parents who file separately or other relatives, the answer is not as clear.

A qualifying child dependent has slightly different requirements than a qualifying relative dependent does. In order to be considered a qualifying child dependent, they must meet all of the following requirements:

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2015 Tax Calculator

Step into 2016 knowing what to expect.

Many of us go into the new year with high expectations for ourselves; some realistic and others… not so much. Why not get a head start on a resolution that will actually stick this year? Tax season 2016 officially kicks off on January 19th. This means that the IRS won’t begin e-filing until that date. In the meantime, you can see how much of a refund you should expect this year using our free 2015 tax calculator.

How do I use it?

You can access our 2015 tax calculator here. Once you’re there, just begin answering the questions based on your tax situation. At the very least, some pieces of information that you should know are:

  • your filing status
  • your annual income
  • your deductions (if you plan to itemize)
  • if you will be claimed as a dependent on someone else’s tax return for the year
  • if you are claiming any dependents on your tax return for the year

As you enter your information, you’ll be able to immediately see the adjustment made on the refund wheel to the right side of your screen. Continue reading “2015 Tax Calculator”