MARGINAL and EFFECTIVE TAX RATES

UNDERSTANDING THE US PROGRESSIVE INCOME TAX SYSTEM Misunderstandings about two different types of tax rates often create confusion in discussions about taxes. A taxpayer’s average tax rate (or effective tax rate) is the share of income that he or she pays in taxes. By contrast, a taxpayer’s … [Read more...]

COLLEGE TAX CREDITS FOR 2015

IT’S BACK-TO-SCHOOL TIME AND THE IRS WANTS TO REMIND FAMILIES OF THE COLLEGE TAX CREDITS AVAILABLE Here are two major education tax breaks, an explanation of who qualifies for each, and how to figure out which will save you the most money. The American Opportunity Tax Credit The AOTC is … [Read more...]

HEALTH CARE LAW AND TAX PENALTY

WILL THE HEALTH CARE TAX PENALTY AFFECT YOU?  The Affordable Care Act (also known as Obamacare) is causing changes to 2014 taxes. This is the first year filers are required to tell the government if they have health insurance (through an employer, one of the exchanges, or purchased privately) and … [Read more...]

CORPORATE TAX DEADLINE MARCH 15, 2014

The DEADLINE to file CORPORATE TAX RETURNS (forms 1120, 1120A, and 1120S) is THRUSDAY MARCH 15th.                      Provide us with the following information to complete your tax return:                                                 __ Copy of your prior year Income Tax Returns              … [Read more...]

ADOPTION TAX CREDIT

UNDERSTANDING THE ADOPTION TAX CREDIT   March 2013 Ventura County Foster Parent Association General Membership Meeting  Thursday, March 21, 2013 - 7:00 to 9:00pm Living Oaks Community Church, Kids and Students … [Read more...]