This blog series is here to bring you up-to-date tax tips, news, and how to find the best online income tax services.
Question of the Week: How to File Taxes after Divorce?
Unfortunately, some marriages don’t work out and the only alternative is to divorce.
Depending on the length of your marriage and the complexity, it can be too stressful to have to review the financials.
Even if you have agreed or disagree, the issue of taxes still remain in the forefront.
Personal finance is an ever-growing topic because it has an affect on everyone. Every individual is exposed to money in some capacity and it is important to understand how it works. As with anything, there are self-help personalities, gurus and people who claim to have the secret to a winning formula. It can be difficult to find an individual that is genuine and provides a no-frills type of approach, but Dave Ramsey fits that bill.
He has been through a bankruptcy and has felt the pain many Americans are feeling on a daily basis.
Dave Ramsey is a personal finance personality who created a plan that is simple in nature and is effective at helping individuals and families eliminate debt.
In his book The Total Money Makeover, he lays out the Baby Steps, which are 7 steps to help and guide you through the process of eliminating debt and building wealth.
Question of the Week: What Is A 1098-T Form Used For?
As the new tax season approaches, you may have already started receiving multiple documents to hand over to your tax preparer or accountant. Among all of those docs you may notice a tax form called a 1098-T. Don’t be afraid by this document at all.
Form 1098-T is a Tuition Statement used to help you understand which education credits you may qualify for relating to tuition and other school-related expenses paid during the tax year.
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