When to file tax returns and where to find forms How soon can I file my income tax return? As soon as you receive the information you need to file (W-2, Unemployment 1099G, bank interest, etc.) you may fill out both the federal and state income tax forms and mail them in. If you efile […]
Can I claim a deduction for expenses to disabled child? My child is permanently disabled and over the age of 21. In an effort to become more independent, she moved in with friends in the spring, so she has been out of my home for over 6 months. She has a small part-time job and […]
Can I withdraw on my Roth IRA without getting tax-whacked? QUESTION: Are ROTH IRA Withdrawals Tax Free? Most of the time ROTH IRA withdrawals will be tax free if… • You withdraw just the amount of your original contributions, and contributions are always considered to be withdrawn first, with earnings coming out last. The earnings […]
What is the earned income tax credit and do I qualify? What is the earned income tax credit? The IRS estimates that four out of five eligible taxpayers actually claim this credit, but many still are either unaware of their eligibility or don’t know how to claim it. For example, some families, including those in […]
How to fix a faultily filed federal return Question: What should I do if I made a mistake on my federal return that I have already filed? If you made a mathematical error it will be caught in the processing of the tax return itself so you may not need to correct the return, the […]
Filing tips for students, educators and divorcees How do I qualify for the Educator expenses? You must be a full-time (900 hours during a school year) kindergarten through 12th grade teacher, counselor, principal, or aide. You can deduct up to $250 for out of pocket expenses that you paid for supplies, books, equipment, and materials […]
Can I still claim my older children as dependents? Is there an age limit on 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 […]