A particular problem often arises when one spouse feels that he or she has been unfairly affected by the other spouse's tax liability. Married taxpayers who file a joint income...
Posted by Carmen Garcia on 08/20/2020
Amid all the cautionary advice to prevent students from borrowing too much money to pay for their university education, one bit of good news may go unnoticed: interest paid on student...
The federal government estimates that approximately 60% of people use paid tax preparers to complete and file their tax returns. If you fall into this category, you have nothing to...
Posted by Tim Thompson CPA PLLC on 06/15/2020
The tax system of the United States is a pay-as-you-go system. Tax payments are usually required as you earn income. If you don’t pay your tax on time, you will be charged with...
It is expensive to raise a child. And parents, many times, find it challenging to get the money to take care of their kids. Tax season, however, provides a chance for parents to recoup...
Posted by Accountable Solutions on 02/21/2020
When you file tax returns, deductions reduce your income and the amount you owe. Taxpayers have two options: they can claim a standard deduction, or they can specify and request specific...
When it comes to who you can claim as a dependent on your tax return, the Internal Revenue Service (IRS) defines “relative” somewhat loosely -- that is the good news. The...
For an “injured” spouse to regain the share of a joint return, they must file Form 8379. This is the case when a past-due obligation of the other spouse was applied by...
Posted by LLOYD J CAZES CPA on 12/28/2019
Although it may seem little, the interest you earn during the year is not tax-free. The interest is subject to the same tax rates as the rest of the income.Sources of interest income...
Posted by LLOYD J CAZES CPA on 11/25/2019