Tax return

Kids as dependents

Your kids qualify as dependents (as a qualifying child dependent) on your tax return when ……. They are EITHER under 19 OR they are under 24 and a full time student for some part of 5 months during the tax year OR they are permanently & totally disabled AND They live with you over 6 […]

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Where’s your refund ?

Have the following info in order to do the search….Social security number, filing status (page 1 of your Form 1040) and your exact refund amount (page 2 of your Form 1040) Federal “Where’s My Refund?”   Check about 2 weeks after filing. Federal “Where’s My Amended Return Refund?”  Need your date of birth and zip code. […]

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Your IRS Online account

You can look up various info on yourself on your online IRS account. Use this link Info you can see includes: -Key info from your current tax year return as originally filed -Your payoff amount, updated for the current calendar day -The balance for each tax year for which you owe -Up to 18 months […]

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Is Your Scholarship or Pell Grant Taxable?

      Typically, a scholarship or Pell Grant is tax-free if you are a degree candidate and the funds are used to pay for tuition, fees and books, supplies and equipment that are REQUIRED for enrollment or attendance at a qualified institution. However, there are instances where some or all of the scholarship or […]

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Owe Back Taxes?

If so, don’t ignore the tax bill.  A delay may cost more in the end.  The penalties and interest can continue to grow. There are several ways to make payments to the IRS: On-line using Direct Pay – This web-based system allows you to make payments directly from your checking or savings account. Electronic Funds Withdrawal […]

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Are You Thinking You Need to Amend Your Return?

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 […]

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Planning to work after you start receiving Social Security?

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, […]

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Divorce & Taxes

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 […]

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Applying for Federal Student Loans

Yes, you can fill out your FAFSA for the 2018-2019 school year starting October 1st. Yep! In less than a month you could be looking up asset values and tax information from 2016 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do this […]

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What’s a W-4?

New job?  Did they hand you a Form W-4 to fill out? Confused? Well you aren’t alone. This form seems to confuse a lot of people. What you are doing is telling your employer how much to withhold from your paychecks. The higher the number of allowances, the less they withhold and the less you […]

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