If you’re getting a 1099 or W-2 for work and are over 19 years of age… you will need to file taxes. Some couples are still able to claim their child up to age 24 as a dependent on their taxes, but only if the child is a full-time student. So if you’re over 24 and fini...
There are two types of tax credits available for taxpayers: refundable and nonrefundable. Both types offer you the chance to lower the amount of taxes you owe, but refundable credits can also get you a tax refund when you don't owe any tax.
It's also possible to continue supporting family members as you've been doing or if a relative has cosigned a particular loan you could indicate an amount of money that can be used to cover these expenses. In case your spouse depends on your money or income or both of you have loans o...
In addition to the regular and add-on expenses associated with having a child, you and your spouse will also need to discuss and come to an agreement on: Who deducts the children on their taxes; Whether you have enough life insurance to cover the children's expenses now and when they go...
#7 You Can Get a Free Tax Expert on the Phone Turbotax offers free support and advice both for using their software and calculating your tax bill. There are two things I don't like about online software. The first is that you learn more about the tax code by doing your taxes by hand...
a great way to earn extra money. There’s basically no limit to what you can do as a freelancer, and being able to set your own schedule is a major benefit. But you’ll need to manage your finances efficiently so you can prepare for potential expenses and withhold the appropriate taxes...
The big difference: If your vacation home is classified as a rental property, you won’t be able to claim themortgage interest tax deduction. However, you can deduct maintenance expenses, and even claim losses on your rental if the amount you spend exceeds your rental income. You can report...
While it might seem crazy to assert that you can have taxes withheld from a distribution that was negated by a 60-day rollover, but the IRS allows you to do a tax-free rollover of a distribution that has been sent to the IRS as withheld income tax, by using substitute funds (seeReg...
Well, it happens a lot more often than you think – for many reasons. An individual may disclaim an inherited IRA to keep from loading one beneficiary’s estate with too many assets. Or maybe to even things out, make it more equal, for all common beneficiaries. Whatever the reason, the...
One reason to do this is to shelter those IRA assets from RMDs. Funds in the 401(k) where you currently work aren't subject to RMDs when you reach age 73 but money in a traditional IRA will be.813Don't pay taxes on the money if you don't have to withdraw it for living expenses...