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Nov 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 insurance accurately such as: Insurance cards 1095 information forms Insurer statements W-2 or payroll statements reflecting health insurance deductions Records of advance payments of […]
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 in claiming a qualifying dependent: They must be a qualifying child or relative Be U.S. citizen, a U.S. national, U.S. […]
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 Married filing jointly Married filing […]
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