What are the requirements for filing an IRS tax return? Question: How do I determine if I have to file a tax return? The requirement to file depends in part on your filing status, age, and gross income. If you are single, you must file a tax return if your gross income was at least $9,750 […]
Is student scholarship award considered taxable income? Question: I paid the tuition for my son to attend college. He lives in my home but my divorce agreement allows his father to take him as a dependent. Can I use the tuition I paid as a deduction or credit on my tax return? To take advantage […]
Which is better for couples, filing jointly or separately? My husband and I married in November of 2012. We both have jobs, and our house and the mortgage on it is in my husband’s name. How do we decide if we should file together or file separately? If you are married, you have a choice of […]
by Independent Tax Preparer Deborah Ritz My husband received a 1099-Miscellaneous for the fee he received as executor of his mother’s estate. The tax preparer we took our information to told us this was taxable as self employment and subject to social security and income tax. If that is the case, can we deduct the […]
What children cannot be claimed as dependents? Is there an age limit for claiming my children as dependents? There are two types of dependents, a qualifying child and a qualifying relative. A “qualifying child” may enable a taxpayer to claim several tax benefits, such as head of household filing status, the exemption for a dependent, […]
Standard deduction or itemized, which is best? Should I take the standard deduction or should I itemize? First let’s define both terms. The standard deduction, as defined under United States tax law, is a dollar amount that non-itemizers may subtract from their income and is based upon filing status. The 2012 standard deduction for married […]
by Deborah Ritz, Independent Tax Preparer I have received a 1099-C. What is it, and do I owe income taxes on it? A 1099-C is sent by a creditor to inform you that it’s going to write-off the remaining unpaid portion of your debt. It’s filed by the creditor to the IRS when a settlement agreement […]