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Tag Archives: tax tips

Affordable Care Act Complete Guide

What Should I Know About the Affordable Care Act?

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ATTENTION: RECENT CHANGES TO TAX LAW HAS AFFECTED THE ACA!

Everything you need to know about the Affordable Care Act (ACA)

There has been a lot of confusing when it comes to the Affordable Care Act (ACA) also known as Obama Care. I’m going to provide you with some essential information about the program and how it works.

As you know, beginning in 2014, if you were a U.S. citizen or legal resident alien then you and your dependents were required to have Minimum Essential Health Care Coverage (MEC), have a health coverage exemption, or make a Shared Responsibility Payment (penalty or ISRP) with your tax return under the Affordable Care Act. 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

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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

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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

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when to file a tax return

Do I Need to File a Tax Return?

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When should I file a tax return?

  • If you are a U.S. citizen, or a resident alien
  • Your gross income (the amount of money you make before anything is taken out for taxes or other deductions) is above the recommended amount listed in the chart below
  • Your filing status and age meet the requirements on the chart below

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