Tag Archives: tax return

Deductions for Donations

Making a donation can be rewarding, even at tax time. You can deduct donations that you make as long as you opt to itemize your taxes when you file your return. The donations you make must be to a qualified organization, as those contributed to an individual aren’t eligible for deduction. Tax deductible donations must […]

Not everyone is required to file a tax return. Most people are, but for those who aren’t, it may still prove beneficial to do so anyway. If you’re not sure if you have to file a tax return, you should familiarize yourself with the rules before tax season approaches. Income, age, and filing status all […]

Since the enactment of the Affordable Care Act, your taxes are now affected by your health care coverage status. The new policy states that all Americans must have qualified health insurance, though there are a few circumstances in which an exception may apply. Generally, 3/4ths of the taxpayers who file a return will only be […]

A special provision of the Affordable Care Act, which requires each taxpayer to have qualifying health care, comes into effect when you file your tax return. Unless you meet a certain exemption, you are expected to have a health care plan which meets the minimum requirements of the Affordable Care Act. The Individual Shared Responsibility […]

Raising children on your own isn’t easy. Single parents can use any help they can get, which is why, at tax time, there are certain tips that can come as a welcome relief. When filing your tax return as a single parent, consider the following eight points: Head of Household Status – if your children […]

On a Roll to Retirement

If you have money or assets saved in an eligible retirement plan, you may be able to transfer the funds to a different retirement plan without having to pay taxes on the withdrawal, as long as you perform a rollover. In order to be considered a rollover, the transfer has to happen within sixty days, […]

If you purchased your health care through the Health Insurance Marketplace, you may have been eligible to receive a tax credit with can assist with the cost of your monthly premiums. This tax credit can be applied up front to help lower the cost of your premiums, in the form of an advance payment. In […]

What is Gross Income?

We all like getting paid. When payday rolls around, it can be the happiest time of the month, at least until the next one. But did you know any salary, wages or tips you receive are considered part of your gross income and must be included at tax time. Withholdings, such as Medicare, income tax, […]

There is a chance that if you have children that they may be required to file a tax return, even if they are a dependent child. Generally, children will be held accountable for filing any returns as well as paying taxes that may be owed along with penalties and interest. The parents may also hold […]

Appropriate Record Retention

Your taxes are filed. Your refund’s been deposited. You’re gearing up for another year of deductions and expenses. So what should you do with this year’s tax documents? You may need to use your previous year’s tax documents for reference, or as proof if you get audited. It’s a no brainer that you should save […]