TaxCure Blog

Married couples can choose to file their taxes jointly or separately. The married-filing-jointly (MFJ) filing status is the most common for couples, as it offers the most tax advantages. Couples tend to choose the married filing separately (MFS) status when they don’t want to be liable for their spouse’s taxes or in the rare situations where it’s advantageous from a tax perspective. 

Now that you’ve filed your taxes, you might be wondering how long to keep a copy of your return. The IRS has guidelines for keeping track of your past returns and your time to hold on to your information may vary based on your tax situation.

The IRS accepts credit card payments for taxes, but is that a smart move? Before putting your tax debt on plastic, consider the overall cost, the effect on your credit, and whether or not, there are better options. To help you decide, this post looks at these three factors:

FICA taxes are based on your earnings, and they fund Social Security and Medicare. If you are employed, your employer pays half of your FICA taxes, and you pay the other half. If you are self-employed or a small business owner, you pay all of your FICA taxes. 

The Child Tax Credit can lower your tax bill and put money in your pocket. To qualify, you must have children under age 17 by the end of the tax year and meet income guidelines. Let’s check out the details.