Articles by Jill


Most taxpayers are well aware of the deduction that comes from claiming dependent children on their taxes. But what are the rules on claiming dependents on taxes? And what about other relatives? And, when can those formerly claimed as dependents on someone else’s return begin to claim themselves? If someone else can claim you as […]

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How Do Tax Brackets Work?

Posted by Jill

Are you getting ready to file your taxes? If so, you might find yourself needing a slight refresher on how tax brackets work before the tax deadline. The US tax system is based on a progressive rate structure – the more income you make, the higher tax rate you pay. How Do Tax Brackets Work? […]

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If you’re over 50 and diligent about retirement savings, you may be maxing out both your 401k and traditional or Roth IRA. But to really supercharge your savings and make sure you are extra-prepared for retirement, you should also take advantage of catch up contributions. Catch-up contributions are special provisions that allow you to contribute […]

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I’m a numbers girl. Always have been, and always will be. I see things in numbers and fractions and percentages. Budgeting and tracking my spending comes easy for me because of that. But if you’re a visual person, you might find it a little harder to stay aware of your financial situation. So today, I […]

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IRS Form W9

Posted by Jill

IRS Form W9 is similar to the Form W-4 that is used for employees, but does not lead to withholding. What is a W9 Form? Form W-9 is used to request a tax identification number and other information that can later be used to populate tax forms such as 1099s. When do you Use a […]

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Itemized Deductions

Posted by Jill

When you file your taxes, you have the option to either claim the standard deduction or itemize your deductions. While the standard deduction is a set amount, itemized deductions will vary from person to person. As such, if you have a large number of itemized deductions you will likely be able to reduce your tax […]

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Standard Deduction

Posted by Jill

What is a standard deduction? How much is your standard deduction? When you fill out your tax return, you report your gross income. But before you calculate your taxes owed, you reduce your income by claiming deductions. Each year, the government publishes a standard deduction amount that is indexed to inflation. Tax payers can choose […]

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If you choose to itemize your deductions, you must fill out the Schedule A and submit it with your Form 1040. How to Fill Out Schedule A Before you complete the Schedule A you should gather all documentation of your deductions – receipts, forms provided to you by financial or governmental institutions, etc. You must […]

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IRS Tax Filing Status

Posted by Jill

Determine your tax filing status. Tax brackets and available credits and deductions (either the standard deduction or itemized deductions) depend on a taxpayer’s filing status. Each taxpayer must select his/her filing status at the top of each tax return. In most cases only one tax filing status will apply to you. If you qualify under […]

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Remember when the Bush Tax Cuts passed? They were set to expire at the end of 2010. Then they were extended at the last minute, so that the rates in place would last for two more years. Now the original cuts are once again set to expire at the end of the year, wreaking potential havoc on the […]

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