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Filing Your Taxes for Free & How it Works

free file

Is free tax filing really “free”?

During tax season, many taxpayers wonder if free file through tax preparation sites is a myth. It turns out, it’s true but it solely depends on your tax situation. 

How taxpayers fall for advertising.

On the bright side, the best part about filing online is being able to file your taxes right from home. For one thing, you can avoid the hassle of waiting to see a tax accountant. On top of that, you even see options to file for free!

Unfortunately, not all tax sites who advertise for free tax filing can help taxpayers for free. Most tax sites will only allow you to file your taxes for free if you have a “simple” return; meaning taking the standard deduction. 

As a reminder, if you’re itemizing the deductions below, you cannot file for free. Continue reading “Filing Your Taxes for Free & How it Works”

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What is an Identity Protection PIN (IP PIN)?

IP PIN

Fraud can happen to anyone.

If your social security number was used fraudulently in the past, the IRS assigns a six-digit PIN to you; the Identity Protection PIN (IP PIN).

Eligibility

In order to receive an IP PIN, you will need to meet the following:

  • You received a CP01A notice which will have it located at the bottom of the first column
  • The IRS sent you a letter inviting you to opt-in for the IP PIN
  • You were a resident of Florida, Georgia or the District of Columbia, Michigan, California, Maryland, Nevada, Delaware, Illinois or Rhode Island last year

Note: Taxpayers who experience identity theft after they receive the CP01A notice will need to file the Identity Theft Affidavit. 

The steps on getting an IP PIN

Continue reading “What is an Identity Protection PIN (IP PIN)?”

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The Child Tax Credit Changes for Your 2018 Taxes!

child tax credit 2018

Children are expensive, but luckily they can give you a break — a tax break of course.

With all of the changes that the 2018 tax year brings us, the Child Tax Credit (CTC) is one of them. Whether you’re a parent, grandparent, or guardian, when tax time comes around you can claim your dependents to your advantage.

Here’s what you need to know for this tax season.

Who qualifies for the CTC?

Unfortunately, you can’t just receive the CTC for just having a dependent. You have to meet certain requirements for your dependent to be a “qualifying child.” These are the following conditions they will need to meet: Continue reading “The Child Tax Credit Changes for Your 2018 Taxes!”