Tax exemption is a monetary amount given to help reduce your taxable income. Usually, you can deduct a specific amount for each exemption claimed for that particular tax year.
Read moreTax Exemptions – Everything You Need to Know for 2018
It is very important to select the correct filing status when filing your individual tax return. Many tax credits, deductions, and the amount of taxes paid are dependent upon the filing status selected. At times, more than one filing status may apply to you. In this case you should work with your tax advisor to figure out which status is best for you.
An ITIN (individual taxpayer identification number) is a 9-digit number issued by the IRS to you, the taxpayer, who does not have or is not eligible for Social Security Number.
Read moreWhat is ITIN Number | Individual Taxpayer Identification Number?
Are you ever confused when your tax advisor says “take this exemption” or “let’s use this deduction?”
Don’t worry, you are not alone.
Most tax payers are not aware of the difference between a tax exemption and a tax deduction. I take pride in teaching you how to achieve financial peace in many different ways and this is one topic I’d love to explain to you.
Now let’s break down the difference between a tax exemption and a tax deduction!
Read moreTax Exemption vs. Tax Deduction. What’s the Difference?
Everything seemed to be going well with your tax preparation this year until you were unexpectedly told you would not be receiving your refund.
In fact, you would end up giving the entire refund to the IRS for a particular issue unknown to you.
Once you contacted the IRS you learn that your spouse owes money towards a delinquent student loan payment and now the money you were depending on has vanished…
…Or so you thought.
Read moreEverything You Need to Know about Injured Spouse Tax Relief