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Tax Knowledge for Individuals & Households

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  • This information given here will help you to update your KRA pin to iTax. All old pins processed using ITMS are required to be updated to iTax. This is done by logging in to iTax portal.

    How to Update a KRA Pin to iTax

    How to Update a KRA Pin to iTax

    by Patrick Kamau18

  • Certain red flags that the IRS looks for can put you at risk for a tax audit. Stay out of trouble by reporting all of your income and only taking credits and deductions that your are entitled to and can support with proper documentation or receipts for all expenses.

    IRS Red Flags That Put Your Tax Return at Risk for an Audit

    IRS Red Flags That Put Your Tax Return at Risk for an Audit

    by bankscottage14

  • Do you know the pros and cons of a car donation? When you donate your car, how much of the car's value goes to charitable causes? Find out the good, bad and ugly side of car donations. Read more...

    Car Donation to Charity: Pros and Cons

    Car Donation to Charity: Pros and Cons

    by MKayo11

  • IRS Form 1099 is used to report income or earnings paid to you. Self-employed receive a 1099-MISC and must report it on a Schedule C. Other common Form 1099s that can be received include 1099-INT, 1099-DIV, 1099-R, 1099-B, and SSA-1099. Form 1099-C is used to report cancellation of debt. Form 1099-K is used to report third party or credit card transactions paid to you.

    What Is a 1099 and Why Did I Get One?

    What Is a 1099 and Why Did I Get One?

    by bankscottage0

  • Figuring out how to calculate your taxes can be very challenging, even with the help of a tax professional. If your dependent child collects unearned income from government benefits such as Supplemental Security Income (SSI), figuring out what to...

    Taxes: When Your Dependent Child Receives SSI Disability

    Taxes: When Your Dependent Child Receives SSI Disability

    by shewritesright20

  • The Earned Income Tax Credit (EITC) is a refundable federal tax credit. It is designed to help low and moderate-income individuals and families keep more of what they earn. Claiming a qualifying child can increase your EITC. The 4 criteria that must be passed for a qualifying child include relationship, age, residence, and joint return.

    Who Can You Claim as a Qualifying Child for the Earned Income Tax Credit (EITC)?

    Who Can You Claim as a Qualifying Child for the Earned Income Tax Credit (EITC)?

    by bankscottage2

  • Learn all the various advantages and disadvantages of direct taxes. This articles explains all the merits and demerits or advantages and disadvantages of direct taxes.

    Advantages and Disadvantages of Direct Taxes

    Advantages and Disadvantages of Direct Taxes

    by Syed Hunbbel Meer7

  • TurboTax is so incredibly user-friendly. The only hard part is determining which version fits your needs: Basic, Deluxe, Premier, or Home & Business. Here's some guidelines to help you decide.

    Which Version of TurboTax Do I Need?

    Which Version of TurboTax Do I Need?

    by Tall Clovers8

  • Utilities include: gas, water, sewer, electric, and heat. These utilities will go on form 8829 as they are deductions through the business use of the home. When you are filing for a business use of home, there is a space to place your utilities....

    Utilities as Business Deductions for Income Tax Purposes

    Utilities as Business Deductions for Income Tax Purposes

    by Chrystal Mahan0

  • When you donate something that isn't straight cash, you are responsible for recording its value if you want to get a deduction for it when you file taxes for the year.  Because much of what we donate is used, we cannot record its original value,...

    How to Find the Value of Donations for Tax Purposes

    How to Find the Value of Donations for Tax Purposes

    by Simone Haruko Smith2

  • Do you want to take advantage of financial benefits (lower taxes, business tax credits, in-state college tuition, etc.) by establishing residency in another US state? Here's what to do.

    How to Establish Residency in Another State

    How to Establish Residency in Another State

    by Patty Inglish21

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