Claiming dependents on your tax return can significantly reduce your tax liability through exemptions, deductions, and credits. However, claiming an ineligible dependent—whether accidentally or intentionally—can lead to serious consequences, including IRS penalties, delayed refunds, and even audits. Understanding the rules and repercussions is essential for responsible tax filing. Who Qualifies as a Dependent?Before diving into […]
Taxes - Personal
Is That Financial Aid Taxable?
The college search process is an exciting but time-consuming process. After your child narrows down the colleges of his or her choice, you both have to figure out the issue of paying for tuition and room and board. The reality is that a four-year college education is expensive. The College Board1 reported that the average […]
Help Your Working Teen Get a Jump-Start on Saving
You may have a teen in your family who holds down a part-time job or works full-time during the summer. You can help your child lay the groundwork for future retirement security early on by encouraging your child to open an individual retirement account (IRA). You may, or may not, get some resistance, especially if […]
Renting Residential Real Estate
Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Read on for a quick read to cover some helpful information when purchasing or selling residential investment property.
Review Your 2022 Tax Return For Tax Tips for 2023 Taxes!
Carrying out a post-tax season review of your 2022 income tax return can be very helpful way to gain new insight into your 2023 financial situation. It’s a bit like looking at a familiar place from a different and fresh perspective — you never know what you might discover.