The best part about doing your taxes is to hopefully, be getting a large tax refund check when it’s all said and done. I recently gave 9 tips on what to do with your tax refund, like making home repairs, making an emergency fund in case of a lost job, and doing things to improve […]
Typically people spend money in order to pursue their hobby: equipment for a sport, ticket fees to events, materials such as yarn and needles for knitting, seeds for a part-time farm, etc. But some hobbies have the added perk of making you money. You have to be careful with this earned income come tax time […]
9 Ways to Spend Your Tax Refund Wisely
Posted byTax season is a stressful time. With gathering all the documents, waiting on others who have to supply you with these documents, filling out the forms, figuring everything out, and finally calculating your refund it is no wonder why this time is associated with anxiety about taxes. But the light at the end of the […]
If you are self-employed or were self-employed during any time of the past year, it is possible that you are able to deduct your medical and dental insurance coverage that you paid for. The tax deduction is called the self employed health insurance deduction. Do I qualify for the self employed health insurance deduction? If […]
What is Form 1040A?
Posted byForm 1040A is one of the three forms you use to file your federal income tax returns. What is Form 1040A? Form 1040A is slightly more complex than the 1040EZ form, but it is less complex than Form 1040. It is a two-paged form that is easier to fill out than 1040. However, you cannot […]
When Do Dependents Have to File Taxes?
Posted byDid you know that if someone else claims you as a dependent on their taxes, you might still need to file a tax return? It all depends on whether or not you meet one or some of the criteria in the five dependency tests — relationship, gross income, support, joint return and citizenship/residency. Let’s take […]
Tax Breaks for College Students
Posted byCollege is a crazy time. You are trying to keep up with you school work, deal with your student loans, and juggle personal life along with working a part-time job. Because of this and being new to the world of taxes, you might not realize that it is important to file a tax return and […]
Form 8863 for Education Credits
Posted byWhat is Form 8863 Education Credits? Form 8863 allows you to claim your education credits. You may be eligible for these credits for any expenses from your post-secondary or college costs. There are two credits available: the American Opportunity Credit and the Lifetime Learning Credit. What is the difference between the American Opportunity and Lifetime […]
How to File a Schedule A Form
Posted byIf 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 […]
What is a 1098 Form? A 1098 tax form is used to report certain types of deductible interest or qualified payments that a taxpayer makes during the tax year. You can deduct this amount from your Gross Income to lower your Adjusted Gross Income or your final tax liability, meaning you will pay less in […]