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Nov 19, 2020Earned Income Credit (EIC)
The Earned Income Tax Credit (EITC or EIC) is a tax benefit for taxpayers with low to moderate income. It can either give you a tax refund or reduce the tax you owe. In order to qualify for this credit, you must have earned income. This can be from working and/or owning a business, and […]
adminNov 6, 2020Reporting your Health Care Coverage
When filing your tax return, you do not need to send the IRS your health care documents. However, you should keep all of your documents to ensure you are reporting your health insurance coverage accurately. This includes: There are three health insurance forms Form 1095-A (Health Insurance Marketplace Statement) When you purchase health insurance through […]
adminNov 2, 2020What do I need to claim a dependent?
For tax years 2018 to 2025, there are no personal exemptions for dependents as well as the individuals filing. Prior to 2018, you qualify for $4,050 for your dependent’s personal exemption. Here are the requirements to claim a qualifying dependent: Claiming a qualifying child There are specific requirements to claim a qualifying child: Claiming a […]
adminNov 2, 2020Choosing the Correct Filing Status
Believe it or not, something as simple as your filing status determines your filing requirements, standard deduction, tax credit eligibility, and your overall tax. Each tax year has a standard deduction based off of your filing status which is adjusted annually due to inflation. There are five filing statuses: Single: If you are unmarried and […]
adminJun 28, 2018Tuition and Fees Deduction
The tuition and fees deduction allows you to deduct up to $4,000 of qualified educational expenses from your adjusted gross income. Qualifying expenses include tuition and fees for enrollment at an eligible institution for higher education that you paid for your education, that of a spouse, or of a dependent. Personal, living, or family expenses, such as […]
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