Form 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 […]
Did 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 […]
During summer, I’m set. My love for finding fun stuff to do but still saving money is pretty simple. The warm weather makes it easy to swim, go for a bike ride, take long walks or hikes, play tennis, have picnics, and barbecue all outside for free or cheap. But now that it’s winter and […]
Do you have a prescription drug that you take regularly? Even with insurance these regular expenses can add up. Most of us take a prescription at least occasionally. Here are some tips on how to save on this expense. source: StockMonkeys.com Ways to Save on Prescription Drugs Pill Splitting If you take a 20mg pill […]
College 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 […]
A longtime reader, Kelly let me know about an easy Free Money Friday deal! You can get a free $26 for your 529 plan through Living Social and GradSave. But you’ll have to hurry, the offer expires in 4 days. Kelly, being the great Aunt that she is, asked me to look into the deal. […]
What 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 […]
Even if you always try to save money on groceries to keep food costs low, if you’re anything like me, you probably bought a few extra ingredients throughout the holiday season. With making special treats, entertaining family and friends, and cooking holiday meals, it’s hard not to make a few extra purchases on food. But […]
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 […]
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 […]
