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The TurboTax Blog > Articles by: Jim Wang

Jim Wang

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Tax Deductions and Credits

Can I Claim My Girlfriend or Boyfriend as a Dependent?

February 4, 2021 / Jim Wang
Can I Claim My Girlfriend or Boyfriend as a Dependent?Under tax reform, you can no longer claim the dependent exemption beginning with tax year 2018, but you still need to know who qualifies as your dependent for other tax benefits like the new Other Dependent Credit worth up to...

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401K, IRA, Stocks

I Started Investing This Year, What Do I Need to Know Come Tax Time?

December 16, 2020 (Last Modified: February 4, 2021) / Jim Wang
I Started Investing This Year, What Do I Need to Know Come Tax Time?When I first started investing in the stock market, I wasn’t quite sure what I was doing. I wasn’t sure if my purchases would lose value the moment I bought them or if they would grow into exponential figures. I...

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Income and Investments

First Time Investors, Here’s What You Need To Know About Taxes

December 10, 2020 (Last Modified: February 4, 2021) / Jim Wang
First Time Investors, Here’s What You Need To Know About TaxesThere continues to be an increase in the number of people investing in stocks, especially when it comes to Millennials and Gen Z. The ability to easily trade and invest with a rise of investment apps like RobinHood, Stash, Acorns,...

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Self-Employed

Self Employed – Small Business Saturday and Giving Back

November 27, 2020 (Last Modified: February 4, 2021) / Jim Wang
Self Employed – Small Business Saturday and Giving BackAs we enter the season of giving, you may see a lot of stores and companies giving back to the community, especially with so many people facing difficult times. Some may donate a portion of sales to a charity, and others...

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Self-Employed

Moving from Employee to Self-Employed? Here’s What it Means to Your Taxes

October 28, 2020 / Jim Wang
Moving from Employee to Self-Employed? Here’s What it Means to Your TaxesWhether your hobby became your main business or you began working a side hustle to supplement your income, starting your own self-employed business can be an exciting time. It can also be an uncertain time as you try to navigate...

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Self-Employed

Self-Employed? Here’s What You Need to Know About SEP IRAs

October 14, 2020 / Jim Wang
Self-Employed? Here’s What You Need to Know About SEP IRAsIf you are self-employed, and looking for one of the most generous retirement plans possible, you need to consider a SEP IRA. This type of plan is best for self-employed individuals or small business owners with no employees. At its...

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Income and Investments

Tax Implications of Buying and Selling Stocks During the Market Downturn

August 25, 2020 (Last Modified: August 27, 2020) / Jim Wang
Tax Implications of Buying and Selling Stocks During the Market DownturnWhen the market took a nosedive at the start of the coronavirus pandemic, did you dive into the stock market for the first time? Did you sell some of your holdings? Or did you start buying more? Or did you...

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Tax Planning

Unable to Pay Your Tax Bill? Here’s What To Do

July 13, 2020 / Jim Wang
Unable to Pay Your Tax Bill? Here’s What To DoAnother bill, oh no! It doesn’t feel great to file your tax return and find out you owe money. It’s like heading out the door and discovering your car won’t start! But don’t worry, you actually have several options if...

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Tax Deductions and Credits

Your Guide to Filing Taxes as the Head of Household

July 10, 2020 (Last Modified: July 13, 2020) / Jim Wang
Your Guide to Filing Taxes as the Head of HouseholdIf you’ve ever prepared your taxes, you may have been intrigued by this term – Head of Household. Head of Household isn’t just a fancy title, in the tax world it’s a specific filing status that can save you money...

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Self-Employed

Snap A Pic of These Tax Deductions Photographers Can Take

May 22, 2020 (Last Modified: June 3, 2020) / Jim Wang
Snap A Pic of These Tax Deductions Photographers Can TakeOne of the most lucrative side hustle businesses to start is a photography business. With the right amount of training and equipment, anyone can be a photographer. There are no licensing rules and few relevant certifications — it basically comes...

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