Now that 2017 is coming to an end, here are some things to consider: If you qualify to have a Health Savings Account you need to OPEN it by the end of the tax year. Make charitable contributions and have the necessary proof. If you bunch your itemized deductions every other year: Make sure you […]
Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information that changes tax calculations. This includes making changes to filing status and dependents, or correcting income credits or deductions. Don’t file an amended return to fix math errors because the IRS will correct those. The IRS offers tips on how […]
You can fill out your FAFSA for the 2018-2019 school year at this time. File asap to get the most grant, scholarship and work study money as possible. Fill it out HERE on the FAFSA website. First thing…if you don’t already have one from a prior year then you AND your child each need a FSA […]
If so, consider updating the amount your employer withholds for federal income tax. The IRS is encouraging taxpayers to consider checking the amount of federal income tax that is being withheld to help avoid or reduce the amount of tax due at filing or reduce the amount over-withheld over the course of the year. […]
You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits. If you are under full retirement age for the entire year, […]
Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]
