401(k) Contribution Limit for 2019

401(k) is an employer-sponsored retirement savings plan that allows employees to stockpile and invest a part of their pay check before the taxes are deducted. Taxes are paid only after the money is withdrawn from one’s account. 401(k) contributions can ease up your taxable income and help slash your tax bill. For instance, if you […]

How to Fill Out W4? Step by Step Guide to Fill W4 Form

What is W4 Form? Form W4 is issued by the IRS to the taxpayers, to mention their allowances details with their respective employers for the exact tax withholding from their paychecks for Federal and State Revenue Departments. We crescent tax filing would take this as a pleasure opportunity, and feel more responsible to educate and […]

Child Tax Credit

Child Tax Credit: The line of credit given to a taxpayer for having dependent children, one or many who are under the age group of 17 at the end of each tax year is known as Child tax credit or ‘CTC ‘ in short. CTC is intended to offer parents or guardians of dependents an […]

What is Adjusted Gross Income?

Adjusted Gross Income: Let us first take a look at gross income in order to understand and define adjusted gross income. All the income you receive in a year including employee wages, interests on financial accounts, money you made working on your own and other personal revenue sources are considered gross income. Therefore, adjusted gross […]

Can I File Head of Household Filing Status?

Head of Household (HOH) is a filing status chosen on tax returns to get standard deduction of $18000 for tax year 2018. A taxpayer can choose to file head of household filing status if married or unmarried, but should be taking care of the home or qualified person’s expenses. Filing head of the household filing status […]