It's an activity that most Americans don't like doing: A Pew Research study found 56% of Americans hate or dislike doing their taxes, saying it's too complicated and inconvenient. Many say they don't like how the government uses tax money, or simply that they simply pay too much in taxes.
Scripps News and Ted Jenkin, CEO and co-founder of oXYGen Financial, hope to make it a little easier. They answer Scripps News viewers' biggest tax questions.Check your withholdings to see if you had an abnormal year of income or if you missed deductions. If you're covered under the ACA, you can deduct the full year's cost of your health insurance premium on form 1040.
Your income may be too high. If your income exceeds 138% of the federal poverty level, you may be taxed on ACA costs.If you're self-employed, you may deduct $5 per square foot of home office space up to 300 square feet, as well as expenses like furniture, supplies, and marketing costs. But remember — if you're receiving a W2 form from an employer, you generally won't be eligible for these deductions.Generally, the IRS allows amendments for federal and state returns for either three years following the tax year or two years after you paid the taxes — whichever is later. The IRS will give you interest if it turns out you're still owed money.This depends on whether you take the standard deduction, as most U.S. taxpayers do.
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