Under tax reform, you can no longer claim the dependent exemption beginning with tax year 2018, which was $4,050 for tax year 2017, but you still need to know who qualifies as your dependent for other tax benefits like the...
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.
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.
After the recent destruction caused by the California Wildfires, the IRS announced today that individuals and businesses have until January 31, 2018 to file certain individual and business tax returns and make certain tax payments. This includes an additional filing...
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...
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...
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:...
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...
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...
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...
Under tax reform, you can no longer claim the dependent exemption beginning with tax year 2018, which was $4,050 for tax year 2017, but you still need to know who qualifies as your dependent for other tax benefits like the... 
