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Nov 12, 2020Rental & Real Estate Income
Most individuals operate on a cash basis, which means they count their rental income as income when they actually or constructively receive it, and deduct their expenses when they pay them. Rental income is any you receive for the use or occupation of property. This is reported on a form Schedule E. You must report […]
adminNov 11, 2020How to Determine a Business vs Hobby
If you’re earning money conducting an activity, you may need to report this on your tax return. In order to determine if you should report this on your tax return, you will first need to find out if you are conducting a business or if you simply have a hobby. The IRS defines a hobby […]
adminNov 11, 2020Taxable vs Non-Taxable Income
You can receive income in the form of money, property, or services. Whether it’s taxable or not, is dependent on the type of income. All income must be reported on your tax return even if it is non-taxable. Additionally, your income is subject to tax unless it is exempted by law. The following is non-taxable […]
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 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 […]
adminNov 2, 2020Can I still claim my prior year tax refund?
Many taxpayers are unaware that even if they missed a certain tax deadline, they can still claim a tax refund. However, there is a limitation on the amount of tax years going back. The IRS has a three-year statute of limitations on claiming a prior year tax refund. You must claim the prior year tax […]
adminNov 2, 2020How do I pay my taxes to the IRS?
If you have an outstanding tax due to the IRS, here’s how to pay. You can pay your taxes online to the IRS going back to tax year 2000 for your Form 1040, 1040A, or 1040EZ. Keep in mind, there may be fees to using your debit or credit card. Click here to go to […]
adminNov 2, 2020How do I receive my tax refund?
The difference in receiving your tax refund is whether or not you are filing a current year tax return or a prior year tax return. When filing a current year tax return, you have the option to electronically file your return. This means that you can enter valid bank information such as your routing and […]
adminOct 30, 2020Can I Still E-file?
You can electronically file your tax return for the current tax year. The cut off date for e-filing your tax return is the e-file and extension deadline; October 15 per tax year. After this date, you must paper file your tax return. This means, you must print, sign and mail your tax return to the […]
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