Who qualifies as head of household? If you are confused about this tax filing status, read on to know more about the eligibility criteria and benefits. Summary One of the most commonly misunderstood tax filing statuses is the head of household. Head of household is a filing status for individuals who are unmarried or considered […]
Avoid paying the alternative minimum tax (AMT) next year by understanding the factors that contribute to it. The alternative minimum tax (AMT) is a federal tax that is designed to ensure that high-income taxpayers pay a minimum amount of tax, regardless of the deductions and credits they may have. This tax was introduced in the […]
The Ultimate Guide to Understanding Tax Requirements for Dependents Summary A dependent for tax purposes is a person who you support financially, such as a child, elderly parent, or disabled relative. Tax exemptions are amounts that you can deduct from your taxable income. There are several tax credits that are specifically designed to help taxpayers […]
Five crypto tax strategies Starting this year, the IRS requires taxpayers to indicate if they made any virtual currency transactions during the tax year. Virtual currency includes any type of cryptocurrency. A transaction involving virtual currency includes any of the following: – Receipt or transfer of virtual currency for free – An exchange of virtual […]
Child’s Income What is Child’s Income? If your child is younger than age 19 or a full-time student age 19-23, he or she must file a tax return for 2021 if he or she had any of the following: Unearned income (interest, dividends, capital gains, taxable scholarships, unemployment compensation) of more than $1,100. Earned income […]
Pay taxes…Your business will need to meet its federal, state, and local tax obligations to stay in good legal standing. Your business structure and location will influence which taxes your business has to pay. Choose your tax year Your business is legally required to pay taxes and keep accounting records on a consistent yearly schedule called a […]
How do I get a deduction for charitable donations? Most people have heard about taking tax deductions for items that are donated to charity, such as clothing, household items, cars and stocks. Need help filing your taxes? Book an online appointment In order to qualify for a tax deduction, you must itemize the deductions on your […]
Home Loan Interest Deduction What is the home loan interest deduction? Need help filing your taxes? Book an online appointment One great benefit of home ownership is that you can deduct the home loan interest you paid for your primary home (the home where you live) and for a second home (like a vacation home). You […]
There were some changes to the tax laws and the dependent deduction is no longer available this year.Instead, there are new tax credits for people with qualifying dependents. Need help filing your taxes? Book an online appointment Who counts as a dependent? A qualifying child meets all six of the following conditions: Relationship: The person is […]
Whether it’s a child, a friend or a relative you support, the term ‘support’ is generally defined as what you spend on a person to provide the basic necessities of life. While the specifics may be debatable in certain circles, here’s what the IRS considers typical for the purposes of a tax return. Need help […]