News You Can Use
October 26, 2015
Claiming children can be a tricky thing. Dependent children is one of the things IRS looks closely at every year. There are many laws, and you can use those to your advantage if you know how. Let's dive in and learn about claiming children, and how that affects your taxes.
There are additional tests that must be met to claim the realtives in this category as dependents. All of the following must...
September 22, 2015
You've learned a little about who's related to you FOR TAX PURPOSES in the last article: Who's Your Dependent Part 1, and this edition is going to re-visit those relationships and expand on how they apply to your tax return. You'll be introduced to child dependents, which will be the focus of Part 3: Qualifying Children.
First, let's look at the relationships (FOR TAX PURPOSES). Keep in mind, the...
September 8, 2015
One of the biggest impacts made on your personal tax return is who you claim as your dependent(s). The laws regarding this seem clear, but can be difficult to understand. This is especially true when your "co-worker said", or your "mom told me" that you could claim so-and-so on your taxes. The truth is there are several factors that must be considered to determine who is your dependent for...
February 23, 2015
Did you pay the penalty for no insurance on your tax return? Or will you have to?
The penalty, also known as the "shared responsibility payment" is included on tax returns for taxpayers without minimal essential health insurance coverage. If you are one of those taxpayers, the government says it's not too late to get qualified coverage through the marketplace for 2015. There is an extended enroll...
January 7, 2015
Stay tuned for information about these recent topics of interest!
ABLE Program
Virtual Currency
Form 1095-A
Marijuana Businesses
De Minimus Supply treatment
Standard Home Office Deduction
ACA Provisions
IP PIN
January 7, 2015
Insurance and taxes! Yes, your taxes may be affected by your health insurance, or lack there of. There are many things that have to be considered before your tax return can be completed. There are many things that you should be aware of. There are many things that I, as a tax professional, have to be informed on. The consequenses of the Affordable Care Act are one of these important things.
The A...
December 4, 2014
Tax brackets have changed, but tax rates have not!
Tax rates remain at 10%, 15%, 25%, 28%, 33%, 35%, & 39.6%.
The good news is that you can make a little more money (from $300 to $7,600) and be taxed at the same rate as last year, depending on your filing status. This is good news, and you will not likely see any change on your tax returns because of the tax rates. You will still see Joint file...
December 1, 2014
Take a look back at the last 100 years of income tax!
March 18, 2014
PUT YOUR CHILDREN TO WORK!
If you are self-employed or have a side business, you could consider hiring your child(ren) to perform tasks for which they are qualified in your business. By paying your child(ren) a reasonable wage for their work, you can deduct the wages as an expense from the business income. Your child(ren) can then use the money to purchase the clothes, shoes, and entertainment yo...
