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Tag Archives: tax preparation

Tax Deduction Checklist for Teachers

Tax Deduction Checklist for Teachers

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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.

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How to claim a child as a dependent on taxes.

Best Rules for Claiming a Dependent on Your Tax Return

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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.

  1. Relationship
  2. Age
  3. Residency
  4. Support
  5. 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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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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Many people are curious as to who qualifies as a dependent on a tax return. I get questions like:

  • Can I claim my college students?
  • Is a spouse a dependent?
  • Can I claim my girlfriend on my taxes?

These are just a few of the must common questions asked. On today’s article I will explain who qualifies as a dependent on your taxes this year.

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Do I have to pay taxes on my hobby?

Is Your Side-Hustle a Hobby or Business for Taxes?

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Have you started your side-hustle or thinking about starting one? If so, it’s time to determine how to turn your side-hustle from hobby to business.

Whether you’re an online influencer, travel blogger, artist or musician, you need to know your status and if the IRS recognizes your hobby as a business. This is important in determining if you need to file taxes.

So, let me explain the difference to you!

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