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Nov 6, 2020Reporting your Health Care Coverage
When filing your tax return, you do not need to send the IRS your health care documents. However, you should keep all of your documents to ensure you are reporting your health insurance coverage accurately. This includes: There are three health insurance forms Form 1095-A (Health Insurance Marketplace Statement) When you purchase health insurance through […]
adminNov 2, 2020What do I need to claim a dependent?
For tax years 2018 to 2025, there are no personal exemptions for dependents as well as the individuals filing. Prior to 2018, you qualify for $4,050 for your dependent’s personal exemption. Here are the requirements to claim a qualifying dependent: Claiming a qualifying child There are specific requirements to claim a qualifying child: Claiming a […]
adminNov 2, 2020Choosing the Correct Filing Status
Believe it or not, something as simple as your filing status determines your filing requirements, standard deduction, tax credit eligibility, and your overall tax. Each tax year has a standard deduction based off of your filing status which is adjusted annually due to inflation. There are five filing statuses: Single: If you are unmarried and […]
adminJul 2, 2018Casualties and Thefts – Form 4684
You can deduct casualty and theft losses for both personal use property and income-producing business property. Prior to tax year 2018, special limitations did not apply. For tax years 2018 through 2025, if you are an individual, casualty losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster. Destruction […]
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