You may be familiar with tax credits, but you may also be wondering: what are refundable credits and what are non-refundable credits?What is a refundable tax credit versus a non-refundable...
Posted by Abundant Wealth Planning LLC on 06/24/2022
Married couples can file federal income tax returns together or separately. The Internal Revenue Service strongly encourages couples to file joint tax returns, extending more tax cuts...
Posted by CORE PERFORMANCE on 04/09/2022
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
A tax refund is a big deal. Tax season is a time to expect extra money from old Uncle Sam if you're like many people. But could you have a lower tax refund than expected?If you're...
Posted by Dennis Jao on 02/14/2022
An unexpected tax bill can ruin anyone's day. To help you avoid this unpleasant surprise, here are some simple steps that many people can take to reduce their taxes. In many cases,...
You know you can declare your children on the tax return as dependents. But what if you also support your parents? Can you claim them as dependents on your tax return? If you...
Posted by Abundant Wealth Planning LLC on 01/31/2022
If you have kids or other dependents under the age of 17, you may be eligible for the child tax credit. It was extended as part of the American rescue plan, which was signed by President...
Posted by Dennis Jao on 01/01/2022
When thinking about filing your taxes after a divorce, you might want to know how taxes are going to change. The impact of divorce on federal taxes is not as large as it used to be.Each...
Posted by BEST FINANCIAL GROUP LTD on 12/10/2021
It is pretty common for adult kids to care for their senior parents, which qualifies them to claim their parents on their tax return as a dependent. With this, they are eligible for...
Posted by Tiffany Gaskin on 11/29/2021