When it comes to paying taxes, having dependents can significantly impact your tax situation. With dependents you can qualify for certain tax deductions and benefits, both of which...
Posted by KLSM CPA Firm PLLC on 07/29/2023
The kiddies tax law started in 1986 to prevent parents from hiding taxable funds under their children's names. Parents were fond of transferring money to their kids' accounts...
Posted by KLSM CPA Firm PLLC on 07/18/2022
Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...
Posted by CORE PERFORMANCE on 03/10/2022
After a divorce or separation, the spouse's primary earner or provider gets to pay the other partner alimony, spousal maintenance, or spousal support. Such payment aims to enable...
Planning for a marriage is one of the major events in the life of many people. However, many fail to account for a critical thing during the process- taxes. As a result, everyone planning...
Posted by CORE PERFORMANCE on 09/26/2021
Since preparing your tax return hasn't been intimidating enough, there may be times when you need to amend a pre-filled tax return. While filling out a correct return may seem...
The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...
The government recently agreed on the details of a $900 billion coronavirus bill attached to a $ 1.4 billion omnibus that will fund the government for fiscal 2021. Congress also voted...
There are essential elements in the 2018 tax law changes that will affect farmers and their families. These changes span through to 2025.Effect on Individuals Standard Deduction:...
Posted by Carmen Garcia on 11/18/2020