Tax Benefits for Having Dependents
Kids can be overwhelming when they are cooped up in the house while on break, but they are also blessed tax-savers when you file your taxes. Here are some of the tax benefits for having children and other dependents.Full StoryRead More
Who Can I Claim as a Tax Dependent?
Under tax reform, you can no longer claim the dependent exemption — which was $4,050 for tax year 2017 — but you still need to know who qualifies as your dependent for other tax benefits like the Child Tax Credit (up to $2,000) or the new $500 tax credit for…Read More
The CARES Act Relief for Retirement Accounts
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was implemented in March of 2020 in an effort to provide financial assistance for workers, families, and businesses affected by the COVID-19 pandemic. In addition to the Paycheck Protection Program (PPP) and Economic Impact Payments (EIP), the U.S. Department of…Read More
6 Common Life Events That Change Your Taxes
Life’s most momentous occasions typically impact our finances the most, some more unexpectedly than others. Whether you’ve just purchased a new home or you’re welcoming a new member to the family, your bank account is liable to reflect these changes in a variety of ways. But how do major life…Read More
7 Qs About Your Student Loans and Public Service Loan Forgiveness
Curious what all the fuss is about with Public Service Loan Forgiveness? We answer your top questions, including whether forbearance on your loans in 2020 will impact your tax return. 1. What is Public Service Loan Forgiveness (PSLF)? Public Service Loan Forgiveness is a federal program many people rely on…Read More
4 Tax Benefits If You’re Taking Care of Children and Elders
Being an in-home caregiver can be an emotionally difficult job as well as an expensive one. Being responsible for someone else’s well being can be stressful, and it is often not inexpensive. Fortunately, the IRS has some tax benefits available if you take care of and support a family member.…Read More