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Tax Planning

Tax Benefits Available for Victims of Natural Disaster

September 25, 2019 / Ginita Wall, CPA, CFP®

If you haven’t already filed your taxes and were a victim of recent severe storms, flooding, or disasters you may have more time to pay taxes and file your tax returns if you were affected and in counties designated as federal disaster areas qualifying for individual assistance.

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Can I File Exempt & Still Get a Tax Refund?

February 9, 2019 July 23, 2019 / TurboTaxBlogTeam

The IRS issues tax refunds when you pay more tax during the year than you actually owe. When you file exempt with your employer for federal tax withholding, you do not make any tax payments during the year. Without paying tax, you do not qualify for a tax refund unless you qualify to claim a refundable tax credit.

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Tax Deductions and Credits

Can I Claim My Girlfriend or Boyfriend as a Dependent?

February 6, 2019 July 23, 2019 / Jim Wang

The article below is accurate for your 2018 taxes, the one that you file this year by the April 2019 deadline. Under the new tax reform laws, you can no longer claim the dependent exemption beginning in 2018, which was...

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Tax News

Hurricane Victims Get Additional Relief with the Disaster Tax Relief and Airport and Airway Extension Act of 2017

October 12, 2017 August 23, 2019 / TurboTaxLisa

Following the devastation left from Hurricanes Harvey, Irma, and Maria, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 was recently signed into law. The bill provides relief, in addition to the already extended tax deadlines provided...

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Tax Deductions and Credits

Tax Credits and Deductions for Families

February 16, 2017 July 24, 2019 / Elle Martinez

As you prepare to file your taxes, please keep in mind some helpful tax deductions and credits that may apply to your family. First off, many families filing are a bit confused over what exactly tax deductions and credits are. While...

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Tax Planning

Tax Relief for Mississippi and Texas Storm Victims

May 13, 2016 July 12, 2019 / TurboTaxBlogTeam

Following the multiple disasters in Mississippi over the last year, and recent floods in the Houston, Texas, the Federal Management Agency (FEMA) has declared these disaster areas. As a result, IRS is providing tax relief to victims in these areas, including:...

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Family

What is the Personal Exemption?

February 23, 2016 June 12, 2019 / Ginita Wall, CPA, CFP®

A personal exemption is a threshold of income that is not taxable to you, and it is subtracted from your total income in computing the amount that is taxable. One personal exemption is allowed for you and everyone in your...

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Are You Ready for El Niño? Prepare Your House and Save

November 16, 2015 August 23, 2019 / Jim Wang

El Niño is a cute name, it means Christ child in Spanish, for a potentially dangerous weather pattern. It’s when there’s a prolonged warming in the Pacific Ocean’s surface temperatures and that warmth affects weather all around the world. In...

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Family

Dependent Basics: Who Can I Claim as a Dependent?

February 18, 2015 June 12, 2019 / Ginita Wall, CPA, CFP®

You know you can claim exemptions for your children on your tax return when you file. But if you have other family members that you support, you may be able to get exemptions for them as well. A dependent exemption...

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Family

TurboTax AnswerXchange Question of the Month: Who Can Qualify As My Dependent?

December 31, 2014 June 12, 2019 / TurboTaxBlogTeam

We’re continuing our new series on the TurboTax blog that is all about YOUR tax questions. Each month, we’re highlighting a different trending question from the TurboTax AnswerXchange, our online tax community that provides personal answers to taxpayer questions. This months...

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