The changes to the new tax law may have you left with many unanswered questions. I want to make sure that you’re able to understand the key points to the new changes in the latest 2018 tax reform.
Before you get started with your taxes this year, you’ll have to figure out if you can claim the dependent living with you. A dependent can be broken down into 5 main areas which we will discuss on this article. Be sure to go through each scenario to see if your situation qualifies.
Can I claim my child as a dependent?
There are 5 tests that must be met for a child to be considered your qualifying child.
- Joint Return
Did you know that all tips received are income and subject to federal income tax?
This includes tips:
- Received directly
- Charged tips paid by employer
- Shared tips received under a tip splitting or tip pooling arrangement
- The value of non-cash tips, such as tickets, passes, or other items
Many people are curious as to who qualifies as a dependent on a tax return. I get questions like:
- Can I claim my college students?
- Is a spouse a dependent?
- Can I claim my girlfriend on my taxes?
These are just a few of the must common questions asked. On today’s article I will explain who qualifies as a dependent on your taxes this year.
Have you started your side-hustle or thinking about starting one? If so, it’s time to determine how to turn your side-hustle from hobby to business.
Whether you’re an online influencer, travel blogger, artist or musician, you need to know your status and if the IRS recognizes your hobby as a business. This is important in determining if you need to file taxes.
So, let me explain the difference to you!