Tuesday, February 19, 2013
If you qualify for an exemption, that amount can be deducted from your gross income to calculate your taxable income. Plus, find a local tax expert in Ferndale.
Tuesday, February 19
According to a DailyFinance report, exemptions are some of the most uncomplicated parts of filing taxes. Exemptions work in a similar way as deductions by reducing the amount of income on which you are taxed. When filing your 2012 tax returns, for each exemption you take, you can deduct $3,800 from your gross income to determine at your taxable income. Taxpayers are allowed to take exemptions for themselves, their spouses and their dependents. Read more about exemptions and find out if you are eligible to take them. Check out an article on imaginative tax breaks that have been approved by the Internal Revenue Service, including deductions on the cost of oils for a professional bodybuilder, breast implants considered a stage prop and a …
Tuesday, February 5, 2013
New self-service option available this year for residents with income up to $57,000.
A non-profit organization in Ferndale is continuing to offer free income tax services to local residents, along with a new self-service option available for the first time this year. The Oakland Neighborhood Tax Center, located at 1956 Hilton, is run by the Detroit-based Accounting Aid Society and provides free income tax preparation services with eligibility based on annual income. Income limits are up to $50,000 for families and up to $35,000 for individuals, according to Vicky Billington, communications coordinator with the Accounting Aid Society. Billington said those who pay rent, property taxes, or heating bills but are not working may still be eligible for some tax credits. A new offering this year by the Accounting Aid Society is a…
Tuesday, January 22, 2013
The IRS has announced a delayed start to the 2012 tax filing season. Here's the date of when you can file, plus some locations in Ferndale to get help on your taxes.
You'll have to wait if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season -- pushing it eight days to January 30, 2013. The tax filing deadline is Monday, April 15, 2013. The IRS will begin accepting tax returns on January 30, 2013. Most taxpayers should be able to file on that date, though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in …
Wednesday, February 15, 2012
The nonprofit organization provides services for low- and middle-income families. Find out whether you qualify and read helpful tax-time tips here.
Have you done your taxes yet? It's a common question this time of year, and it often comes along with talk of various websites for filing online and questions about what is or isn't a legitimate deduction. If you're feeling a little overwhelmed by the process, know that you're not alone. According to Brian Foster, supervisor for the Accounting Aid Society's Oakland Neighborhood Tax Center in Ferndale, most people would benefit from getting help with their taxes. “It's always better to have an actual person doing your return,” Foster said. The Ferndale-based Oakland Neighborhood Tax Center is a nonprofit organization that provides free services for low- and middle-income families, including tax filings and credits, utility assistance, …