At tax time, anything that can help save you money off your tax bill is highly welcomed. These two tax items can put more money in your wallet, where you need it most. Deductions Deductions are a great way to reduce the amount you owe in taxes at the end of the year. Expenses that […]
— Read moreSaving for retirement is a great way to gain financial strength. Many taxpayers opt for a 401(k) savings plan. There are two different types of 401(k) plans, and you should be aware of what makes them different from each other. Traditional 401(k) This type of plan is sponsored by your employer and allows you to […]
— Read moreLife as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom – most of the time. At tax time, being a freelancer can be daunting if you haven’t kept good records or don’t know what to expect. Filing your taxes can […]
— Read morePaying for someone else to look after your child while you work can get costly. Thankfully, there’s a tax credit that can help you recover some of those costs. The Child and Dependent Care Credit can be claimed by taxpayers who paid a caretaker as responsible for their child under the age of 13, or […]
— Read moreThe standard deduction is allotted to all taxpayers by the IRS. It represents an amount of income that the government will not tax. Taxpayers who want to simplify their returns and opt not to itemize can claim the standard deduction. Just chose the correct filing status, and check the box for the standard deduction. In […]
— Read moreAre you a parent? It’s important to understand how support you provide to your children can alter your tax liability, and which types of support you can get credit for. Child Credit For each child under the age of 17 that you claim on your tax return, your taxable income is reduced by $1,000. The […]
— Read moreGetting a divorce can be difficult for all parties, including financially. Your assets are now up for grabs, not only by your soon to be ex, but also by the IRS. Divorce impacts your taxes a lot, so you should be aware of the expectations at tax time when you get a divorce. Filing Status […]
— Read moreWhen going through a divorce, you’re likely not thinking of your taxes. However, alimony and child support will affect your taxes. It’s important to understand how they factor into your return. Alimony If you are required to pay alimony, the amount you are responsible for isn’t accounted into your taxable income. This means your tax […]
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