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: 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.
It’s understandable that the last thing a Teacher or any other Educator wants to worry about are tax deductions. This daunting thought can also be the reason so many workers in the education field file too quickly in an effort to complete this task.
The job of a schoolteacher can be a grueling, with lots of stress, deadlines, and long hours. Plus, you’re probably using your own money for some work-related expenses.
To add to your already long list, you will want to make sure all your documents are in line for taxes in order to stay ahead of the game. In this article I will show you how to get the most deductions and lower your tax bill.
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.