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Tax Planning

Guide to Social Security Benefits

Should I file a Tax Return If I Receive Social Security Benefits?

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Many people who receive Social Security benefits always wonder if their benefit is taxable and if they should file a tax return. To help answer this question, let’s first determine what Social Security benefits are.

Social Security benefits including the following below and may be taxable:

  • monthly retirement
  • survivor
  • disability benefits

Around tax season, you will receive Form SSA-1099, which will report the total benefits. Read More

Understanding the Tax Reform

Top 12 Things You Must Know About the New Tax Laws

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The changes to the new tax law may have you left with many unanswered questions. Below are the top 12 things you should know regarding the recent tax reform.

1 – We still have seven tax brackets for individuals, but the tax rates have changed.

You’ll notice that the rates for some of these brackets have been lowered compared to the 2017 brackets. Read More

How to claim a child as a dependent on taxes.

Best Rules for Claiming a Dependent on Your Tax Return

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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.

  • Relationship
  • Age
  • Residency
  • Support
  • Joint Return

Read More

Claiming tips on tax return.

When and How to Claim Tips on Your Tax Return

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How to claim tips on your tax 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

Read More

How to claim a dependent on your taxes.

How to Claim Your Dependent Relative

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Can I claim my relative as a dependent?

There are four tests that must be met before you can claim a person as your relative.

  1. Did Not Qualify as a Child Test
  2. Member of Your Household or Relationship Test
  3. Gross Income Test
  4. Support Test

Read More

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